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Monari said HELB does not operate like a one-time funding programme, explaining that money recovered from former beneficiaries is used to finance new applicants.
The lender attributed the growth to improved asset quality, stronger performance across its regional subsidiaries and increased income from non-funded activities
HELB called on applicants to submit their requests as early as possible and carefully follow the application guidelines to help ensure their applications are processed without unnecessary delays.
The PBO said delays in providing the government’s portion could also push external creditors and donors to shift funds to off-budget programmes, which are harder to track.
The Public Accounts Committee (PAC), chaired by Vice Chairperson and Garissa County Woman Representative Amina Udgoon Siyad, scrutinized the Auditor General’s report, which highlighted irregular spending, unapproved transactions, and potential losses of taxpayer money. The audit revealed that the airline received Sh10 billion in 2022/2023 as an on-lent loan, taking the total funding between 2019 and 2023 to Sh41.27 billion.
Stanbic Bank had petitioned the High Court to compel Lloyd Masika to provide audited accounts, bank statements, title deeds, and any other relevant records that could aid in recovering the outstanding loan.
According to Treasury records, as of June 2024, Kenya owed TDB about $418 million (Sh54 billion) in syndicated loans scheduled to mature between September and early October 2025. The largest portion, about $314.2 million (Sh40.6 billion) was due on September 19, while the remaining $116.3 million (Sh15 billion) was to be settled by October 6.
The Sacco Societies Regulatory Authority (SASRA), in its latest supervision report, said the non-remitted funds hit 85 regulated Saccos, 62 deposit-taking and 23 non-withdrawable deposit-taking affecting 55,602 members.
HELB CEO Geoffrey Monari revealed that around 300,000 former students currently owe a total of Sh32 billion in unpaid loans.
The lender-appointed administrators have assumed management of Korara Highlands Tea Factory Limited, which owes Sh1.155 billion, while a receiver manager has taken over Elson Plastics of Kenya Limited, which is indebted by Sh775 million.
The senators also instructed the Controller of Budget to provide a full record of empowerment funds in all counties, including the amounts disbursed, loans issued, and recoveries made.
Initially, 63 staff members admitted to receiving loans, but a deeper audit revealed that 128 employees of the county irregularly obtained Sh4.8 million from the kitty.