He said roads, hospitals, and other key projects that were promised when the loans were taken remain incomplete or poorly done.
According to him, this raises serious questions about where the money is going.
Owalo argued that borrowing itself is not the problem.
He said governments around the world borrow to fund development, but the issue arises when borrowed funds are misused or lost through corruption.
In his view, Kenya is borrowing heavily without clear planning or accountability, leaving citizens with a growing debt burden.
The former official also accused senior figures in the government of protecting corrupt individuals instead of taking firm action against them.
He said this has created a culture where public officers feel safe to misuse resources, knowing they are unlikely to be punished.
Owalo warned that such behavior is dangerous and could push the country into deeper economic trouble.
Owalo further said that Kenyans are being asked to pay more taxes to service loans that have not improved their lives.
He pointed out that the cost of living continues to rise, while services such as healthcare, education, and housing remain out of reach for many families. He described this as unfair and unacceptable.
Having worked inside government, Owalo said he understands how public systems are supposed to function.
He noted that his decision to resign was driven by frustration and a desire to speak freely about what he believes is going wrong.
According to him, silence would have made him part of the problem.
Owalo called on leaders to be honest with Kenyans about the country’s finances.
He said the government must clearly explain how much it is borrowing, where the money is going, and what results are expected.
He also urged stronger oversight by Parliament and independent institutions to ensure transparency.