The National Treasury and Economic Planning Cabinet Secretary nominee John Mbadi has revealed his net worth.
Speaking when appearing before the Committee on Appointments, on Saturday, August 3, 2024, Mbadi disclosed that his net worth currently stands at Ksh380 million.
Mbadi has attributed the majority of his wealth which are liabilities to mortgages with the Parliamentary Service Commission (PSC), Sacco loans, bank loans and pensions.
“My net worth Mr Speaker is Ksh380 million and Mr Speaker the difference between my net worth,” Mbadi said.
Adding that; “I saw some of my colleagues have done the calculation differently but my understanding of net worth is assets less liability so if you take all the assets that I have is Ksh437 thousand and the liability is a mortgage with the parliamentary service commission, Sacco loans about Ksh20million, KCB bank loan about Ksh12 million the only defied income I have to the one for parliament the pension I did the calculation which I did not include but I have one with ICEA of about Ksh6 million,” Mbadi disclosed.
Mbadi first tasks
The CS nominee has stated that if approved and appointed his first task in office will be to reform the Kenya Revenue Authority(KRA).
He added that if the collection of Gross Domestic Product increases by 18 per cent from the current 14 per cent there would be an additional of around Ksh. 600Billion to our revenue base,
“One of my first tasks will be to make sure that I have a sitting with KRA to look at how we can reform that institution, because there was a time, not long ago, when we collected 18% of our GDP as taxes, today it is 14%. If we could just increase our current 14% to 18% we will be adding around Ksh. 600 billion to our revenue base,” CS Treasury Nominee said.
He further explained that recruitment and staff deployment at KRA needs to be looked into adding that the collection board need to have trained tax experts.
“You must have properly trained tax experts. The way we are recruiting staff and deploying them at KRA needs to be looked into. You cannot have people who are not properly trained to collect taxes from people who hire properly trained accountants to calculate their taxes,” Mbadi said.
John Mbadi: My net worth is Sh380 million#K24Siasa pic.twitter.com/O44ltoEm7j
— K24 TV (@K24Tv) August 3, 2024