The Lower Eastern Times Opening The Third Eye
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The Auditor General has raised concerns regarding the management of the Hustler Fund, prompting a response from the government.
Errors in data extraction, understaffing during the fund’s establishment, and issues with notes numbering were cited as reasons for the discrepancies highlighted by Dr. Nancy Gathungu.
Dr. Gathungu issued a disclaimer opinion, citing inconsistencies in fund management. She noted the failure to provide financial statements for audit review, hindering verification of balances and raising transparency and accountability issues.
Her report detailed concerns over loan disbursements exceeding limits, with cases of ineligible recipients and instances of borrowers receiving additional loans before repaying previous ones.
Furthermore, the Auditor General found discrepancies in bank account details and identified instances of duplicate loan identities, underscoring systemic flaws in loan management and oversight.
The Ministry of Cooperatives and MSMEs acknowledged challenges during the fund’s inception, attributing operational hurdles to initial staffing issues and data management challenges.
The revelations have cast doubt on the integrity and effectiveness of President William Ruto’s flagship project, suggesting potential scandal implications for the administration.
