Speaking on the state of the economy, Owino said Kenya’s public debt has now reached about Sh12.3 trillion.
According to the lawmaker, this amount includes approximately Sh6.8 trillion in domestic borrowing and about Sh5.5 trillion owed to foreign lenders.
Domestic debt refers to money borrowed by the government from within the country, mainly through local banks, pension funds, and government securities such as treasury bills and bonds.
Foreign debt, on the other hand, involves loans obtained from international lenders, including foreign governments, global financial institutions, and international markets.
Owino argued that the continued increase in borrowing has placed the country in a difficult financial position.
He said that instead of using loans to invest in major development projects that would generate income and improve the economy, much of the borrowed money is often spent on consumption and routine government expenses.
“The country is borrowing money for personal consumption, recurrent expenditure, and looting,” Owino said while criticizing how public funds are sometimes managed.
Recurrent expenditure refers to everyday government spending such as salaries for public workers, operational costs in government offices, and other administrative expenses.
While these costs are necessary for the running of government institutions, critics argue that borrowing money to fund them may not create long-term economic benefits.
The Embakasi East MP warned that the growing debt is already affecting citizens in different ways, including higher taxes and increased pressure on government resources.
He noted that the government must eventually repay the loans together with interest, which can place additional strain on the national budget.
According to Owino, the impact of the rising debt will not only be felt by the current generation but also by children who are yet to grow up.
He explained that when the national debt is divided among the population, every Kenyan effectively carries a share of the burden.
“A child born today inherits a debt of approximately Sh200,000,” he said, highlighting what he described as the long-term consequences of continued borrowing.
The MP called for greater accountability and transparency in how public funds are used.
He urged leaders to ensure that borrowed money is directed toward projects that can grow the economy, create jobs, and improve the lives of citizens.