Business

Assets held in state agencies increased by Sh1.7 trillion in one year

The National Treasury building. (Photo: Yasuyoshi Chiba/AFP)

By Saleem Abdi | Thursday, February 8, 2024

The Central Bank holds the most assets (mostly financial), with total assets valued at Sh1.8 trillion.

Government assets held in state agencies increased by Sh1.7 trillion during the past year.

The 526 state corporations now hold Sh9.51 trillion in assets that range from lands, roads, buildings, and other infrastructure, as well as cash, from Sh7.7 trillion by the end of June 2022.

Keep reading

“Property, plant and equipment accounted for 60 per cent of all assets within the State Corporations (SCS), Semi-Autonomous Government Agencies (SAGAS) and Public Funds in the National Government,” said the National Treasury in a report detailing the state of financial position for state agencies.

The report by the National Treasury also observed that out of the Sh9.51 trillion held by the state agencies last year, 17 agencies held Sh7.6 trillion, meaning they controlled more than 80 per cent of the public assets.

The Central Bank holds the most assets (mostly financial), with total assets valued at Sh1.8 trillion.

It is followed by the Kenya Airports Authority (KAA) which controls airports and related infrastructure valued at Sh1 trillion.

They are the only two agencies with total assets valued beyond Sh1 trillion.

Other state agencies which control key infrastructure projects and properties across the country, mainly Kenya Railways, KENGEN and agencies running roads in the country also have assets valued at hundreds of billions.

“The high valued assets held by these entities include, held to maturity investments for CBK, plant, property and equipment for KRC, Kenya Urban Road Authority (Kura), Kenya Power and Lighting Company Limited (KPLC), Kengen, Nairobi University and Kenya Rural Roads Authority (Kerra), and Investments in bills and bonds for National Social Security Fund (NSSF),” the National Treasury notes.

The National Treasury observes that in the last year, most of the agencies witnessed an increase in investment property by 36 per cent after completing projects that had been at work, and also increased cash that they held by Sh128 billion.