Kenya’s economy has continued to attract sharp debate, and recent comments by Kiharu Member of Parliament Ndindi Nyoro have added more weight to the ongoing discussion. His remarks in Parliament on November 25, 2025 focused on the need for honest data when speaking about the state of the country.
He said leaders must rely on verified statistics when addressing Kenyans, especially on matters touching on the economy. Nyoro insisted that numbers tell a clearer story than political statements, and that the country’s economic performance should be assessed using facts from trusted institutions.
Nyoro said the message presented during the State of the Nation address did not match the economic reality shown by official records. He explained that anyone looking to invest in a company checks audited financial statements verified by regulators such as the Capital Markets Authority and the Central Bank of Kenya.
He added that the same standard should apply to national data. He openly questioned whether the figures shared by the President were correct, or whether the Kenya National Bureau of Statistics was being misrepresented.
His main concern was the accuracy of the numbers used in public speeches and whether they reflected the true situation on the ground.
Nyoro raised the exchange rate issue as his first example. He explained that during the election period, the shilling traded at 118 against the US dollar, and on the day of the swearing-in it stood at 120.
By 2023, the rate had shot up to 159. He said the shilling had actually depreciated by 8.5 per cent since August 2022, while the US dollar had depreciated globally by about 10 per cent. For him, these figures created confusion about which data the government was relying on when claiming that the shilling had strengthened.
International institutions such as the IMF have also raised concerns about the stability of the shilling, warning that limited fluctuation may interfere with inflation targeting and monetary policy.
Although the currency has remained around 129 per dollar for most of 2025, supported by remittances and strong reserves, the IMF has questioned whether this stability reflects real economic forces.
The MP also took issue with statements about the Nairobi Securities Exchange. He said the claim that the NSE is at an all-time high is inaccurate.
According to him, the NSE 20 Share Index last hit its highest point in 2017, and the All Share Index also peaked in the same year. He reminded Parliament that stock market performance is measured using indices and not just market capitalisation.
Nyoro said this was another example where the data cited did not match the information available at the NSE and KNBS.
Nyoro then highlighted challenges in the construction sector. He said KNBS data shows that the sector contracted by 2 per cent in 2024 and cement consumption fell by 7.9 per cent. Even with ongoing housing projects, activity slowed down, and he argued that this points to an economy facing pressure rather than growth.
He compared economic growth across administrations and said that under former President Uhuru Kenyatta, GDP grew from Ksh19 billion to Ksh26 billion in three years, which he calculated as a 36 per cent increase.
He noted that the current administration’s growth within the same period stands at around 14 per cent.
In his view, this performance does not match the picture of rapid improvement painted in public speeches.
He also compared Kenya’s performance with neighbouring countries. He said that in 2024, Uganda recorded 6 per cent growth, Tanzania 6.1 per cent, while Rwanda grew by more than 8 per cent. Kenya’s 4.7 per cent growth, he argued, shows the country is falling behind.
He described facts as lions that defend themselves once released, meaning that the statistical evidence cannot be ignored.
Nyoro also raised concerns about public debt, saying the country is borrowing 3.5 billion shillings every day through different channels, including securitisation. He said this level of borrowing is too heavy and deserves public attention.
He further criticised changes in education funding, saying the Ministry of Education has reduced capitation from 22,000 shillings to 12,000 shillings per student in day secondary schools.
He warned that parents will now have to pay an additional 9,300 shillings per student, which many families cannot afford. Nyoro said education must remain free and accessible and urged the government to increase capitation instead of reducing it.
His remarks came after President Ruto made several claims that Kenya had overtaken Ethiopia and Angola to become the sixth-largest economy in Africa, and that inflation and the shilling had improved significantly. Nyoro maintained that for such claims to hold, the supporting data must be correct and verified, because economic truth should guide the country’s policies and decisions.
