Cabinet Secretary for National Treasury and Planning Hon. Amb. Ukur Yatani. [Wilberforce Okwiri, Standard] 
The first month of the year is normally a period of regret for many people after they splurged during the festive season.
They are hit by overwhelming guilt, especially when the realities of ‘Njaanuary’ set in. They can’t pay fees, and struggle to explain to their children they wasted the money in December – and some of it was borrowed.
They are highly indebted already, and any additional borrowing would only push them further into a debt trap. Additionally, in times of desperation, the only lenders willing to loan out money will do so at exorbitant interest rates.
If this is you right now, you are in good company.
The government, like many of its citizens during the festive season, wasted a lot of money. After years of binge borrowing and splurging on projects, it is now ruing the extravagance.
Loans are maturing at jet speed even as tax revenues dwindle, a situtation worsened by the Covid-19 pandemic.
Yet, most of the projects that absorbed these loans are far from complete, meaning their economic value is yet to be realised. Some have stalled.
The government, which is now looking at debt restructuring and cancellations to help it free up cash for other critical spending, such as health and education.It has finally conceded that servicing loans for some white elephant projects is denying Kenyans critical services
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