Outlier, fearless influencer, wife, mother. Member of @FPA_Africa. My opinions, Re-tweet ≠ Endorsement
Nairobi
Joined December 2011
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Bella retweeted
This is the reality of life for residents of Kwale. How long must they continue to endure this?
#LindaMwananchiMovement
#LindaKwale
#LMMinKwale
Bella retweeted
The Governor of the Central Bank didn't spare the National Treasury, while presenting before the National Assembly's Finance & Planning Committee, today on the issue of fiscal dominance.
Subtle tackles.
The National Assembly's Finance & Planning Committee asked the Governor of the Central Bank about lowering interest rates.
He made two points:
· Monetary Policy alone cannot lower rates, the fiscal side has to tag along & so far it isn't. FYI, the projected deficit for 2027/28 is Kes 1.353 trillion (5.9% of GDP), domestic borrowing is set at Kes 929.1 billion
· The Central Bank & the Bankers Association are working on developing an electronic registry of collateral & this is expected to ease the way Kenyans/borrowers can move their collateral from one bank to the next based on competing interest rates
Bella retweeted
The National Assembly's Finance & Planning Committee asked the Governor of the Central Bank about lowering interest rates.
He made two points:
· Monetary Policy alone cannot lower rates, the fiscal side has to tag along & so far it isn't. FYI, the projected deficit for 2027/28 is Kes 1.353 trillion (5.9% of GDP), domestic borrowing is set at Kes 929.1 billion
· The Central Bank & the Bankers Association are working on developing an electronic registry of collateral & this is expected to ease the way Kenyans/borrowers can move their collateral from one bank to the next based on competing interest rates
Bella retweeted
One thing about 2026/27 & its borrowing plan so far is that, unlike 2025/26, the Exchequer doesn't seem to be having a challenge with switch auctions.
We are in the 3rd auction of the financial year (see quoted tweet).
I asked @ill_dduor what could have turned the tide on this liability management front & he makes two points:
· It's a reflection of relatively higher liquidity in the market unlike what was the case with 2025/26
· Yield stability has strengthened investor appetite & participation in liability management operations especially for institutional investors looking to lock in long-term yield profiles that match their long-dated liabilities
The third switch auction for 2026/27 is here.
Source securities:
· 2696/91; 2657/182; 2585/364 & FXD1/2023/05
Destination Security:
· FXD4/2019/10 (3.0 years to maturity)
Key things to note:
· The state is keeping its eye on FXD1/2023/05. It has Kes 144.53 billion worth of principal repayment due in July 2028 & Kes 24.35 billion worth of interest payment this financial year
· The 24th August 91 Day paper in which the state gobbled up Kes 32.44 billion against the Kes 8.0 billion offered has also come under the radar of this switch
· The Nov 24th, 2025 364 Day paper in which the state accepted kes 25.72 billion against the Kes 10.0 billion offered & the 25th May 182 Day paper in which the state accepted Kes 8.39 billion against the Kes 10.0 billion offered are also part of the switch
Bella retweeted
Yvonne Okwara Signs Off
#CitizenExplainer @YvonneOkwara
Bella retweeted
Too much noise about Election Laws. To live-stream or not?
See below an explainer 🧵 and be the judge.
Section 39 1(G) provides for, “a mechanism for the live-streaming of results as announced at polling stations…”
1/6
Bella retweeted
Any amendment purporting to remove the IEBC’s livestreaming requirement raises serious constitutional concerns. The Elections (Amendment) (No.2) Bill, 2024 undermines Articles 81 and 86 of the Constitution that demand elections to be transparent, accountable and verifiable.
The conflicting reports on whether Section 39(1G) of the Elections Act has been removed or retained must also be clarified URGENTLY. Parliament must publish the definitive amended text to eliminate uncertainty among citizens, voters and stakeholders as the Bill proceeds through the remaining legislative stages and awaits Presidential assent.
The livestreaming must be retained in its entirety as a safeguard for electoral transparency, credibility and verification.
Kenyans must not merely be told the results; they must see, scrutinise and verify them.
^CK
^POLSK
Bella retweeted
Transparency of election result transmission is mandatory as per Article 86 of the Constitution.
No Bill or law can purport to override the Katiba @UGMParty @Reforms_Ke
Bella retweeted
The Draft Budget Policy Statement 2027 is out!
Key issues to note around the 2027/28 proposed spending plan & fiscal framework:
1. The size of the budget is now projected at Kes 5.416 trillion (23.6% of GDP). It is an increase from what we saw in the Draft Budget Review & Outlook Paper 2 months ago, Kes 5.323 trillion, 23.1% of GDP
2. Of the total proposed spending, recurrent will be crossing the Kes 4.0 trillion mark for the first time at Kes 4.021 trillion, 17.5% of GDP. Two months ago, this had been projected at Kes 3.887 trillion
3. Important to flag that projected development spending has been downgraded. Two months ago it was baked in at Kes 958.0 billion, it is now being projected at Kes 915.8 billion
4. Total revenue projection for 2027/28 is projected at Kes 4.004 trillion, 17.4% of GDP. Two months ago this had been projected at Kes 3.943 trillion, 17.1% of GDP
5. The projection for Ordinary Revenue has been bumped up. Two months ago we saw it at Kes 3.208 trillion, now it is being set at Kes 3.249 trillion
6. The projected deficit is now set at Kes 1.353 trillion, 5.9% of GDP. Two months ago this was projected at Kes 1.321 trillion, 5.7% of GDP.
7. Domestic borrowing for the next financial year is projected at Kes 929.1 billion, down from Kes 1.085 trillion two months ago. External borrowing is now projected at Kes 423.8 billion, up from Kes 235.9 billion two months ago
National Treasury wants comments in by Nov 16th.
Folks,
The Draft Budget Review & Outlook Paper is out & it puts forth an ambitious spending plan for the financial year 2027/28.
Key take outs:
· The budget for 2027/28 is earmarked to be the first to cross the Kes 5.0 trillion mark. It has been set at Kes 5.323 trillion (23.1% of GDP)
· Of the Kes 5.323 trillion, Kes 3.887 trillion (73.02%) will be recurrent spending while development spending will be Kes 958.0 billion (4.2% of GDP)
· The total revenue projection for 2027/28 has been set at Kes 3.943 trillion (17.1% of GDP), of which Ordinary Revenue is set at Kes 3.208 trillion
· Transfer to Counties is set Kes 472.8 billion while the Contingency Fund is set at Kes 5.0 billion
· The fiscal deficit is projected at Kes 1.321 trillion (5.7% of GDP) of which Kes 1.085 trillion will be sourced from the domestic market while Kes 235.9 billion will be sourced from the external market
Comments should be in by Aug 19th & while at it, remember comments on tax policy proposals should be in by Aug 31st (see quoted tweet).
Link: treasury.go.ke/sites/default…
Bella retweeted
The latest on the RMLF securitisation. The National Treasury and the Kenya Roads Board (KRB) have executed long-term legal and trust agreements to formalize a KES 156.97 billion Asset-Backed Securities (ABS) Programme, permanently encumbering future fuel levy receipts to retire short-term contractor debt.
According to transaction documents finalized between September 14 and October 1, 2026, the Special Purpose Vehicle, OAK SPV Assetco Limited, entered into an Onshore Trust Deed with NCBA Bank Kenya PLC (as Note Trustee) and a formal Placing Agreement with a banking syndicate led by Absa Bank Kenya, KCB Investment Bank, and the Eastern and Southern African Trade and Development Bank (TDB).
These newly executed documents mark the formal long-term "take-out" refinancing phase.
Under the agreement:
The Instrument: Up to KES 156.96 billion in Asset-Backed Notes are being placed with institutional subscribers (pension funds, commercial banks, and regional development lenders).
The Yield Benchmark: Key intercreditor terms anchor the internal yield on the underlying asset purchase at a fixed 12.72% per annum payable to the Kenya Roads Board on its Originator Note.
The Proceeds: Cash raised from the long-term notes will be used to pay off the initial bridge facilities provided by commercial lenders.
Mortgaging the Fuel Levy: To guarantee repayment to noteholders under NCBA’s trust deed, a dedicated slice of the Road Maintenance Levy Fund—scaling up to KES 12 per litre—is legally ring-fenced and continuously routed into escrow accounts before reaching state road agencies.
Maintenance Budget Squeeze: While the structure resolves immediate contractor litigation and clears historical balance-sheet arrears, it locks in a massive fixed debt-service obligation over the next decade, sharply curtailing unencumbered cash available to agencies like KeNHA, KeRRA, and KURA for routine road maintenance.
Private Placement vs. Public Oversight: By relying on off-balance-sheet SPV issuing structures and target placements restricted to "limited or qualified investors," the multi-billion-shilling transaction bypasses conventional parliamentary debt caps, raising ongoing questions regarding long-term fiscal transparency and public participation.
Bella retweeted
“When people start singing Bella Ciao in the streets, you know their anger has turned into a movement. 🇮🇹"
🇮🇹 Italy is rising! Protests have been reported in Milan, Turin, Bologna, Brescia and Bergamo over rising living costs, low wages and government policies.
When the streets sing Bella Ciao, the world listens. 🔥
Bella Ciao isn't just a song. It's a symbol of resistance.
Readers added context they thought people might want to know
The video shows crowds from the 2019 Sardines movement in Florence, not the current protests / riots in 2026.
Source: bbc.co.uk/news/world-eur…
en.wikipedia.org/wiki/Sardines_…
Bella retweeted
Yvonne: There is a certain messaging that is concerning. First, he labels those who oppose him (Ruto) as rebels, then describes them as an existential threat to the country. He also say, ‘How dare you oppose me?’ This is a democracy
#CitizenNewsGang @YvonneOkwara
Bella retweeted
Sifuna: Sitasahau vile Baba alitufunza ya kwamba tuweke maisha ya wananchi wetu mbele wakati tunatoa maamuzi wowote. Alitufunza siasa ni ushawishi na haulazimishwi. #UkumbushoWaBaba
Bella retweeted
Sifuna! Sifuna! Chants fill the air as Edwin Sifuna addresses crowd at Migwena Grounds during the first anniversary of Raila Odinga’s death
Bella retweeted
Winnie Odinga: Let it not be a rumour that as Edwin Sifuna searches for higher offices, I see kuna nafasi hapo Nairobi. That is why I have decided that I will stand for the position of Senator of Nairobi County. #UkumbushoWaBaba