Thursday, February 22, 2024

President Ruto writes off Nzoia Sugar’s Ksh 50B debt

President William Ruto has on Thursday confirmed that the government has full written off Nzoia Sugar’s 50 billion debt.

Speaking from Bungoma County, the President noted that under the new management, Nzoia Sugar will pay workers and farmers on time and the County Government of Bungoma will enjoy dividends of not less than Ksh 300 million annually.

“Under the fresh management, Nzoia Sugar — whose debts have now been fully written off — will pay farmers and workers’ dues on time. The County Government of Bungoma will also enjoy an annual dividend of not less than Sh300 million.” he said

He continued by confirming that the government will also write-off loans of Muhoroni, Chemelil, Soni, and Miwani sugar companies as promised earlier.

“I will write off the debts of the three sugar companies…the past three governments have tried but they did not succeed. I want to confirm to you that Nzoia Sugar’s debt of Ksh.50 billion has been written off by the government. Your company is free…we have done the same to the Muhoroni, Chemelil, Soni, Miwani all totalling up to Ksh.117 billion,” said the President.

Also promised by the Head of State was payment of farmers due within two days as the total stands at Ksh 1.7 billion.

“We have calculated the cumulative debts owed to farmers and they add up to about Ksh.1.7 billion and we came up with a supplementary budget and we sorted it. In the next two days, every farmer will have been paid. We must sort out the farmers…I will also go and do the same to other sugar farmers.” he said

President William Ruto denied plans by the government to privatize the factory as he accused his political opponents of selling the Pan Paper company.

“No company in Nzoia will be sold to anyone. Those who sold Pan Paper, you know them right? One of them was the one in Mumias…if anyone thinks they will buy this company, it will not be sold. It is a property of the Bungoma people. There’s no privatization and no sale that is going to happen,” he said

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