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Govt aims to raise Ksh149 billion through privatization of state-owned firms to fund 2025/2026 budget

BiasharaNational
Sarah Mwaura
Author: Sarah Mwaura
1 min.read

The Kenyan government plans to raise Ksh149 billion from the sale of state-owned companies to fund this year’s budget, Treasury Cabinet Secretary John Mbadi has revealed in the Annual Borrowing Plan for the 2025-2026 Financial Year.

While the report does not specify which firms will be sold immediately, the privatization proceeds are included under domestic financing, as the government seeks to cover Ksh613.5 billion in budget shortfalls. “The net domestic financing requirements for FY 2025/2026 are Ksh613.5 billion, comprising government securities issuance of Ksh634.8 billion, privatization proceeds of Ksh149 billion, partially offset by domestic loan repayments of Ksh1.1 billion and accounts payable adjustments of Ksh181 billion,” the Treasury stated.

Since President William Ruto unveiled plans to sell or close selected state corporations, 33 public enterprises have been classified as strategic and retained, while 207 non-strategic entities are slated for privatization.

The Privatization Authority has prioritised 45 entities for the first phase. Among them are Consolidated Bank of Kenya, Agro-Chemical and Food Company (ADC & KDC shares), Kenya Wine Agencies, Chemelil Sugar Company, and Development Bank of Kenya.

In June 2024, Cabinet approved the sale of government shares in six listed companies, including East African Portland Cement, Nairobi Securities Exchange, HF Group, Stanbic Holdings, Liberty Kenya Holdings, and Eveready East Africa.

One privatization advancing rapidly is the Kenya Pipeline Company (KPC). Reinstated for sale in July, the government plans to reduce its 100% stake to 35% via an initial public offering on the Nairobi Securities Exchange (NSE), with the 65% stake valued at around Ksh120 billion.

Mbadi also confirmed plans to sell additional government shares in Safaricom as part of the drive to raise Ksh149 billion.

The sale of KPC has already passed through the National Assembly Committee on Energy and the Select Committee on Public Debt and Privatization, with reports set for tabling once MPs return from recess. Under the Privatization Act, 2023, Cabinet and Parliamentary approval must be completed within 60 days, with automatic ratification after 90 days if no decision is made.

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