Members of Parliament have raised alarm over a possible loss of more than six billion shillings in unpaid Hustler Fund loans.
Appearing before the National Assembly’s Special Funds Accounts Committee on Tuesday, November 18, Hustler Fund CEO Harry Henry Tanui faced tough questions from lawmakers seeking clarity on the status of the unreturned funds.
The legislators called for a thorough probe to establish whether the billions in loans are secure or have been mismanaged. Despite the growing concerns, Tanui dismissed claims that any money is missing.
Legislators Raise Red Flag on KSh 6B Unrecovered Hustler Fund Loans. Photo: Courtesy.
Throughout the session, committee members questioned the fund’s accountability and loan recovery systems, noting that there is still no clear confirmation of the safety of the funds.
“So up to now, we don’t know whether money is lost. We don’t know whether money has been stolen. What we know is that we need evidence to determine whether the money is there and whether it is safe. These documents will help us decide if the Hustler Fund is competent or incompetent in its operations,” one MP remarked.
Another legislator highlighted the stark disparity between the funds disbursed and the amounts recovered, raising further alarm about the fund’s sustainability.
The parliamentary probe follows closely after President William Ruto weighed in on the rising concerns over Hustler Fund loan defaulters.
Speaking on Friday, November 7, the President criticized Kenyans who had borrowed from the fund but failed to repay their loans.
However, he clarified that the government would not take legal action against those who defaulted.
