The National Assembly Committee on Sports and Culture has raised concerns over the government’s move to securitise the Sports, Arts and Social Development Fund (SASDF) in order to raise Sh44 billion for the construction of Talanta Sports City. The stadium is one of Kenya’s flagship venues for the 2027 Africa Cup of Nations (AFCON).
The committee, chaired by Hon. Dan Wanyama, warned that the financing model would place a heavy burden on taxpayers, who will have to repay the securitised loan over 15 years.
During a meeting at Bunge Tower, the committee engaged Sports Principal Secretary Elijah Mwangi and the National Treasury’s Director General for Public Investment and Portfolio Management, Mr. Lawrence Bet. The discussions focused on the securitisation plan and the reallocation of SASDF resources to semi-autonomous government agencies (SAGAs).
Mr. Bet, appearing on behalf of Treasury PS Dr. Chris Kiptoo, revealed that the bond was already listed at the Nairobi Securities Exchange in July 2025 after approvals from the Treasury, the Attorney General, and capital markets regulators.
“The financing model will spread repayment over 15 years at an interest rate of 7.93 per cent, with proceeds directed towards completing Talanta Sports City in time for AFCON 2027,” he said.
However, lawmakers questioned the impact on taxpayers. Matungulu MP Stephen Mule warned that Kenyans would end up paying more than Sh97 billion—double the principal amount.
“This is a colossal amount of money to extract from already overtaxed citizens,” Mule said, also questioning how the government would service the debt while restricting betting, a key source of money for the Sports Fund.
Other MPs expressed concerns about transparency. Mwingi West MP Charles Nguna criticised the lack of public participation, saying, “Kenyans were kept in the dark. There was no advertisement or public consultation on the financing model.”
Kabete MP and Committee Vice-Chair James Wamacukuru faulted the Treasury for failing to provide enough documentation. “The submissions have been shallow with no evidence to justify the securitisation plan,” he said, demanding clarity on how ordinary Kenyans will benefit.
The committee also expressed displeasure that Treasury has delayed releasing funds to SAGAs despite Parliament already allocating money to them.
“We are not happy that SAGAs remain in financial distress because Treasury is dragging its feet. This has hindered service delivery,” said Hon. Wanyama, who directed the Treasury to release the funds immediately.
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