The National Treasury has rubbished social media reports claiming the government plans to raid savings from Savings and Credit Cooperative Organizations (SACCOs) to bankroll the National Infrastructure Fund.
In an official statement released on Monday, July 6, the Treasury flagged a viral graphic as a hoax. The fake post had alleged that Treasury Cabinet Secretary John Mbadi planned to borrow Ksh1 trillion from SACCOs to finance major development and infrastructure projects. To mimic an authentic news broadcast, the doctored image also claimed that the initiative drew its legal backing from the Cooperatives Bill currently before Parliament.
Setting the record straight, the Treasury clarified that CS Mbadi has never issued any statement regarding SACCO savings and pointedly accused the creators of the graphic of acting out of malice.
“We wish to clarify that the information circulating on social media regarding the Government borrowing SACCO savings for the National Infrastructure Fund is entirely fake and malicious,” the Treasury stated.
”Cabinet Secretary Hon. FCPA John Mbadi has made no such statement. The public is advised to ignore this fabricated graphic and rely only on official communication channels for accurate updates,” the statement added.
CS Mbadi later issued a standalone statement to distance himself from the viral post, asserting that the fabrications aimed to damage the government’s reputation and trigger public anxiety.
“Fellow Kenyans, my attention has been drawn to some false information doing rounds, claiming that the government of Kenya intends to borrow money from SACCOs to fund projects through NIF,” the CS stated. He further urged the public to dismiss the rumors entirely, writing, “It’s maliciously choreographed to misinform the public, taint government and elicit public uproar. Treat it as fake!”
