Lawmakers on Tuesday demanded urgent answers from the Hustler Fund over more than Sh12 billion whose whereabouts remain unclear, raising questions about the management of President William Ruto’s key loan initiative.
The National Assembly’s Special Funds Accounts Committee expressed frustration with CEO Henry Tanui, who could not provide the full records of borrowers, repayments, and fund disbursement, one year after queries were first raised.
Committee chair Fatuma Mohamed said the missing documents are a major hurdle to proper auditing and transparency. “We cannot continue without the documents. One year later, you have not answered even one of the 21 queries raised. This is public money, and there is huge interest in this fund,” she said.
Tanui explained that the fund has received Sh14 billion from the National Treasury since its inception but currently has only Sh1.4 billion in monthly circulation.
Lawmakers questioned the remaining Sh12.6 billion, pressing the CEO on whether it is being held, spent, or accounted for. “So if you have received Sh14 billion and only Sh1.4 billion is revolving, where is the other money? Do you have Sh12 billion in your accounts?” asked Deputy Chair and Imenti North MP Rahim Dawood.
“No money has been lost,” Tanui responded. “The money was borne by Kenyans. Some Kenyans have not paid. They have the money. We have all the records. No money has been lost.”
Dawood countered, noting reports indicating that Sh6 billion remains uncollected and some borrowers cannot be traced. “If you lend people money and they don’t pay, the money is lost,” he said.
Nyatike MP Tom Odege said the absence of borrower details raises suspicions that loans may have been issued to non-existent individuals. “I may not have evidence—that is what you must provide—but we believe money went to fictitious accounts. Some people registered SIM cards, took the loans, and threw the lines away,” he said, stressing the need for full borrower records including names, ID numbers, phone contacts, and loan amounts.
Lawmakers also highlighted frequent staff changes at the fund, including the replacement of the former acting CEO and the Principal Secretary in charge. “This CEO is a sacrificial lamb. Hustler Fund is changing people to hide something,” Dawood said. “After months, money is misappropriated and officials are changed so no one takes responsibility.”
Tanui, who has been in office for three months, requested more time to gather records from 26 million loan accounts. “If you allow, we will come with service providers to demonstrate the records. This is a huge document,” he told the committee.
The panel, however, rejected the request, recalling that the fund had already been given 14 days last year to submit the information. “All the documents that show that person has borrowed and the amount borrowed. Whether it’s 10 lorries, we want it so that we can justify to Kenyans that money has been borrowed, has not been returned, or money has been lost. Right now we are working with speculations, which is not good for the committee and not good for the Hustler Fund,” Mohamed said.
The committee is now considering instructing the Auditor-General to conduct a special audit to track the full allocation and use of the Sh14 billion entrusted to the Hustler Fund.
