Premium
Ruto, Kindiki defend sale of government shares in Safaricom, Kenya Pipeline
President William Ruto is received by Full Gospel Churches of Kenya Senior Bishop Dr. Samuel Mureithi Njogu upon his arrival for a church service at Full Gospel Church, Gatunduri, in Embu County on July 5, 2026.
President William Ruto and his deputy, Kithure Kindiki, have defended the government's plan to sell part of its stakes in Safaricom and Kenya Pipeline Company, saying the proceeds will finance major infrastructure projects and help deliver on Kenya Kwanza's development agenda ahead of the 2027 General Election.
They said the newly formed National Infrastructure Fund would be used to build roads, markets and electricity infrastructure across the country, insisting that Kenyans would judge his administration on its development record rather than political rhetoric.
Dr Ruto, who spoke in Embu, announced that Sh350 billion has been mobilised for the National Infrastructure Fund (NIF), noting that the Kenya Pipeline Company Initial Public Offering (IPO) raised Sh106 billion and the Safaricom share sale Sh244 billion.
“We will utilise the funds to transform the country's infrastructure through the construction of roads, electricity connectivity and markets across the country. I am convinced that Kenyans will vote for a leader with a development track record and not one who relies on rhetoric,” the President said.
As criticism mounted over the sale of government shares in strategic assets, DP Kindiki defended the plan, saying it was not the first time Kenya had sold shares in Safaricom.
He explained that going forward, all money raised through the capital markets from the sale of government stakes in state-owned enterprises will go directly into the National Infrastructure Fund to finance infrastructure projects.
“The opposition is lecturing us as though this is the first time the government and the country have sold Safaricom shares. Safaricom shares were first sold in 2008, and they were sold twice during the administration of President Mwai Kibaki. This is the third sale, and we are not selling all the shares,” Prof Kindiki said.
Deputy President Kithure Kindiki (left) speaks to Kericho Senator Aaron Cheruiyot during an inter-denominational fundraiser in Soliat, Soin Sigowet constituency, on July 5, 2026.
He spoke in Soliat, Soin Sigowet constituency, during an inter-denominational fundraiser.
He said the key difference between the current proposal and previous share sales was that the proceeds would be ring-fenced for development projects and would not be used to finance recurrent expenditure.
According to the Deputy President, previous administrations failed to account for proceeds raised from the sale of state assets, including shares in Safaricom and Kenya Airways, because the money was largely spent on recurrent expenditure such as salaries and government operations.
He added that through public-private partnerships, the government expected to leverage the fund and attract ten shillings from the private sector for every shilling invested by the State, unlocking investments worth up to Sh3.5 trillion.
The President said his administration had taken care of farmers through the fertiliser subsidy programme, reducing the price of a bag of fertiliser from Sh7,000 in 2022 to Sh2,500 currently, while reforms in the coffee sector had pushed farm-gate prices from Sh50 to as high as Sh150 per kilogramme.
He also cited the implementation of the Social Health Authority (SHA), the allocation of more than Sh784 billion to the education sector in the 2025/26 financial year, the employment of over 100,000 teachers and the construction of more than 23,000 classrooms as some of his administration's key achievements.
The President hit out at his former deputy Rigathi Gachagua, saying he promotes tribalism in the country and asked the people of Mt Kenya to shun “such divisive politics.”
Follow our WhatsApp channel for breaking news updates and more stories like this.
