Members of Parliament have raised strong concerns over the government’s plan to raise more than Sh44 billion through the securitisation of the Sports, Arts and Social Development Fund (SASDF) to construct Talanta Sports City.
Lawmakers warned that the initiative could saddle taxpayers with a massive long-term debt.
The National Assembly’s Committee on Sports and Culture flagged the financing plan, intended to support one of the main venues for the 2027 Africa Cup of Nations, for lacking transparency and sufficient public consultation.
During a session on Tuesday with Sports Principal Secretary Elijah Mwangi and National Treasury’s Director-General for Public Investment and Portfolio Management Lawrence Bet, the committee sought clarification on how SASDF resources would be used and diverted to semi-autonomous government agencies (SAGAs).
Lawrence Bet, representing Treasury PS Chris Kiptoo, said the plan had already received approvals from the Treasury, Attorney General, and capital markets regulators. He added that the bond was listed on the Nairobi Securities Exchange in July 2025.
“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,” Bet said.
Despite this, MPs expressed worry over the long-term financial burden on taxpayers. Matungulu MP Stephen Mule warned that Kenyans could end up paying over Sh97 billion—more than double the original amount borrowed.
“By the end of the repayment period, Kenyans would have paid more than Sh97 billion, more than double the principal amount. This is a colossal amount of money to extract from already overtaxed citizens,” Mule said. He also questioned how the government would manage the debt while limiting betting, a key revenue source for the Sports Fund.
Other lawmakers criticized the lack of public involvement. Mwingi West MP Charles Nguna said ordinary citizens were left out of the process.
“There was no advertisement or public consultation on the financing model,” he said.
Kabete MP and Committee Vice Chair James Wamacukuru also faulted the Treasury for providing limited information.
“The submissions have been shallow with no evidence to justify the securitisation plan,” Wamacukuru said, pressing officials to explain how ordinary Kenyans would benefit from the project.
The committee further highlighted delayed payments to SAGAs, despite parliamentary allocations.
Wanyama urged the Treasury to release funds promptly, noting that financial delays were affecting service delivery.
The MPs concluded that they would demand a detailed cost-benefit analysis from the National Treasury and require quarterly accountability reports from the SASDF Oversight Board before approving any further funds for Talanta Sports City.