Home NEWS Local News President Ruto: Gov’t to Gov’t oil deal was conducted transparently

President Ruto: Gov’t to Gov’t oil deal was conducted transparently

President William Ruto has defended the Government-to-Government oil deal saying it was conducted openly and transparently.

President Ruto said the deal was necessary to ease the pressure on the Dollar.

Channel 1

He argued that pressure on the Greenback had resulted in oil shortage in the country.

The President explained that the Government is not a broker in the deal but a mere guarantor for international oil firms to supply the crucial commodity for six months on credit.

“I can confirm to the country that the Government to Government petroleum products engagement with our international oil companies is above board, transparent, innovative and has made the biggest difference in our country,” said Ruto.

“The Government of Kenya is not a broker, the entire process is private sector driven between international companies and oil marketing companies in Kenya. Our business as government is to underwrite that this transaction will not go haywire,” he added.

President Ruto made the remarks on Friday evening during the closing of the two-day Government officials retreat in Nairobi.The meeting sought to assess the administration’s one-year progress.

The President said he was committed to running a transparent and accountable Government devoid of scandals.

“I want to assure them [the Opposition] that the fishing they are doing for a scandal in this administration, they are not about to succeed,” he said.

He, however, asked Kenyans not to shy away from questioning the Government saying they are ready to take useful feedback.

The Head of State noted that the Government will not use its foreign currency reserves to prop up the value of the Kenyan Shilling against the dollar.

He said the last administration used over USD 2 Billion to keep an artificial rate of the Kenyan Shilling.

“This is a liberal market,we will do what we have to do, we will export more, manufacture more to strengthen our shilling,” he said.

Website | + posts
kiico