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My key take aways from National Treasury CS, John Mbadi's, update on the government's partial divestiture from Safaricom Plc. · This is part of the state's growing leaning towards non-tax revenue in domestic resource mobilisation as it slow pedals on tax revenue. Key thing to remember here is that...

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Julians Amboko

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34,526 views • 9 months ago •via X (Twitter)

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The Infrastructure Fund was the anchor of the 2025 State of the Nation Address. My key take aways: · The President says all privatisation proceeds will be ring-fenced into this fund. It raises the question about the anticipated Kenya Pipeline Co's divestiture proceeds & the fact that in 2025/26 fiscal framework they are already earmarked for settlement of pending bills. What gives? · The President says he will be signing the Government Owned Enterprises Bill 2025 into law tomorrow to provide an underlying framework for this · The President says that for every Kes 1.0 from privatisation, the state plans to crowd in Kes 10.0 of private capital into the Fund. About 3 weeks ago, the President's Council of Economic Advisors Chairman had indicated a Kes 4.0 private capital for every Kes 1.0 from privatisation (see quoted tweet)
2:32

The Infrastructure Fund was the anchor of the 2025 State of the Nation Address. My key take aways: · The President says all privatisation proceeds will be ring-fenced into this fund. It raises the question about the anticipated Kenya Pipeline Co's divestiture proceeds & the fact that in 2025/26 fiscal framework they are already earmarked for settlement of pending bills. What gives? · The President says he will be signing the Government Owned Enterprises Bill 2025 into law tomorrow to provide an underlying framework for this · The President says that for every Kes 1.0 from privatisation, the state plans to crowd in Kes 10.0 of private capital into the Fund. About 3 weeks ago, the President's Council of Economic Advisors Chairman had indicated a Kes 4.0 private capital for every Kes 1.0 from privatisation (see quoted tweet)

Julians Amboko

30,660 views • 10 months ago

On the Dangote led Refinery in East Africa: · Location will be determined following research being undertaken by Dangote. Mombasa, Lamu or Tanga are lead contenders · Project expected to cost anything between US$16.0 billion & US$20.0 billion · Kenya's newly set up National Infrastructure Fund will co-invest in the refinery, deployment not disclosed · The National Infrastructure Fund currently has US$1.0 billion (Kenya Pipeline proceeds). In another two or so months, ~ US$2.0 billion is expected (Safaricom Plc partial divestiture proceeds) · GOK believes that with ~ US$3.0 billion worth of seed capital, it can build the fund to ~ US$30.0 billion (10:1) crowd in factor · National Infrastructure Fund to invest 20.0% (~ US$300.0 Million) in the planned new Nairobi Airport
3:30

On the Dangote led Refinery in East Africa: · Location will be determined following research being undertaken by Dangote. Mombasa, Lamu or Tanga are lead contenders · Project expected to cost anything between US$16.0 billion & US$20.0 billion · Kenya's newly set up National Infrastructure Fund will co-invest in the refinery, deployment not disclosed · The National Infrastructure Fund currently has US$1.0 billion (Kenya Pipeline proceeds). In another two or so months, ~ US$2.0 billion is expected (Safaricom Plc partial divestiture proceeds) · GOK believes that with ~ US$3.0 billion worth of seed capital, it can build the fund to ~ US$30.0 billion (10:1) crowd in factor · National Infrastructure Fund to invest 20.0% (~ US$300.0 Million) in the planned new Nairobi Airport

Julians Amboko

183,150 views • 4 months ago

Controller of Budget has faulted the Sovereign Wealth Fund Bill (see quoted tweet) on a number of issues: · The Bill is silent on the relationship between the Sovereign Wealth Fund & the Consolidated Fund & therefore the Controller of Budget's Office has no oversight power of withdrawals from the Sovereign Wealth Fund. It presents a grave risk · Regarding the capitation of the Sovereign Wealth Fund, the Controller of Budget wants all proceeds to first be credited into the Consolidated & then be routed to the Sovereign Wealth Fund through Parliamentary appropriation. As it is, the Bill undermines Article 206 of the Constitution · The Sovereign Wealth Fund Board, as constituted in the Bill, is susceptible to executive capture & there is need to amend the Bill & provide for independence non-voting observation to mitigate this risk · The Bill is too broad on investment guard rails. There's need for a Statutory Investment Policy, reviewed once every 3 years, for the Fund that is approved by Parliament. There's also need for an independent advisory committee & performance benchmarking against publicly available targets · The Bill vests withdrawal from the Sovereign Wealth Fund on the Cabinet Secretary. This needs to change & be vested with Parliament & require express approval in writing from the Controller of Budget. There needs to be a Statutory Withdrawal Guide capping annual withdrawals as a proportion of the fund
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Controller of Budget has faulted the Sovereign Wealth Fund Bill (see quoted tweet) on a number of issues: · The Bill is silent on the relationship between the Sovereign Wealth Fund & the Consolidated Fund & therefore the Controller of Budget's Office has no oversight power of withdrawals from the Sovereign Wealth Fund. It presents a grave risk · Regarding the capitation of the Sovereign Wealth Fund, the Controller of Budget wants all proceeds to first be credited into the Consolidated & then be routed to the Sovereign Wealth Fund through Parliamentary appropriation. As it is, the Bill undermines Article 206 of the Constitution · The Sovereign Wealth Fund Board, as constituted in the Bill, is susceptible to executive capture & there is need to amend the Bill & provide for independence non-voting observation to mitigate this risk · The Bill is too broad on investment guard rails. There's need for a Statutory Investment Policy, reviewed once every 3 years, for the Fund that is approved by Parliament. There's also need for an independent advisory committee & performance benchmarking against publicly available targets · The Bill vests withdrawal from the Sovereign Wealth Fund on the Cabinet Secretary. This needs to change & be vested with Parliament & require express approval in writing from the Controller of Budget. There needs to be a Statutory Withdrawal Guide capping annual withdrawals as a proportion of the fund

Julians Amboko

51,640 views • 5 months ago

The new appointed & founder CEO of the National Infrastructure Fund, James Mworia (James Mworia) afforded us a good laugh at the Africa Capital Week 2026 (Africa Capital Week) when he presented a physical copy of the Fund's statement to dispel fears that the money from partial divestitures from Kenya Pipeline & Safaricom were never credited to the account. Mworia says he is banking on the country's fast growing domestic capital pools, notably the now > Kes 3.0 trillion held by pension funds, to unlock financing for infrastructure needs. My question to him was how he will navigate the asset-liability (mis)match headache that many fund managers grapple with given the nature of infrastructure as an asset class. He makes the following points: · His idea for circumventing asset-liability (mis)match concerns is creating a sub-fund within the National Infrastructure Fund (i.e. the NIF Infrastructure Development Fund) that can then be listed at the Nairobi Securities Exchange · The listing of the NIF Infrastructure Development Fund on the bourse will then address the liquidity headache because it will allow investors to come in & exist · The listed NIF Infrastructure Development Fund will also help address the ease with which investors can come into strategic national infrastructure undertakings without evoking the risk of being deemed to have made entry via the back route (i.e. because a listed vehicle is then open to all investors)
12:29

The new appointed & founder CEO of the National Infrastructure Fund, James Mworia (James Mworia) afforded us a good laugh at the Africa Capital Week 2026 (Africa Capital Week) when he presented a physical copy of the Fund's statement to dispel fears that the money from partial divestitures from Kenya Pipeline & Safaricom were never credited to the account. Mworia says he is banking on the country's fast growing domestic capital pools, notably the now > Kes 3.0 trillion held by pension funds, to unlock financing for infrastructure needs. My question to him was how he will navigate the asset-liability (mis)match headache that many fund managers grapple with given the nature of infrastructure as an asset class. He makes the following points: · His idea for circumventing asset-liability (mis)match concerns is creating a sub-fund within the National Infrastructure Fund (i.e. the NIF Infrastructure Development Fund) that can then be listed at the Nairobi Securities Exchange · The listing of the NIF Infrastructure Development Fund on the bourse will then address the liquidity headache because it will allow investors to come in & exist · The listed NIF Infrastructure Development Fund will also help address the ease with which investors can come into strategic national infrastructure undertakings without evoking the risk of being deemed to have made entry via the back route (i.e. because a listed vehicle is then open to all investors)

Julians Amboko

41,580 views • 19 days ago

UPDATE: Kenya's Tax Laws (Amendment) Bill 2026 The National Treasury says: · We should expect to see a Tax Laws (Amendment) Bill 2026 tabled in the National Assembly this month (February 2026) · The Tax Laws (Amendment) Bill 2026 will propose to have 0.0% PAYE rate at Kes 30,000 · The next Kes 20,000 will be taxed at a rate of 25.0% Welcome proposals, we wait to see the Bill itself for certainly. That said, some questions: · Should we take it as a given that the Tax Laws (Amendment) Bill 2026 will be repealing the Kes 2,400 personal relief now that the base PAYE rate is being set at 0.0%? · Why have the Tax Laws (Amendment) Bill 2026 in February & then have Finance Bill 2026 in April? · Coming in such quick succession, don't we risk legislative fatigue & poor public participation on Finance Bill 2026? · We have some good lessons around this from the quick succession that characterised the Tax Laws (Amendment) Act 2024, the Tax Procedures (Amendment) Act 2024 & Finance Bill 2025 · What will be the effective date of the measures proposed in the Tax Laws (Amendment) Bill 2026? Depending on the choice effective date, don't we risk complicating income tax return filing for the period given that we will be straddling two PAYE regimes? Already, filing has been reasonably complicated by Income & Expenses Validation
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UPDATE: Kenya's Tax Laws (Amendment) Bill 2026 The National Treasury says: · We should expect to see a Tax Laws (Amendment) Bill 2026 tabled in the National Assembly this month (February 2026) · The Tax Laws (Amendment) Bill 2026 will propose to have 0.0% PAYE rate at Kes 30,000 · The next Kes 20,000 will be taxed at a rate of 25.0% Welcome proposals, we wait to see the Bill itself for certainly. That said, some questions: · Should we take it as a given that the Tax Laws (Amendment) Bill 2026 will be repealing the Kes 2,400 personal relief now that the base PAYE rate is being set at 0.0%? · Why have the Tax Laws (Amendment) Bill 2026 in February & then have Finance Bill 2026 in April? · Coming in such quick succession, don't we risk legislative fatigue & poor public participation on Finance Bill 2026? · We have some good lessons around this from the quick succession that characterised the Tax Laws (Amendment) Act 2024, the Tax Procedures (Amendment) Act 2024 & Finance Bill 2025 · What will be the effective date of the measures proposed in the Tax Laws (Amendment) Bill 2026? Depending on the choice effective date, don't we risk complicating income tax return filing for the period given that we will be straddling two PAYE regimes? Already, filing has been reasonably complicated by Income & Expenses Validation

Julians Amboko

81,996 views • 7 months ago

UPDATE: GOK's US$1.91 billion partial divestiture in Safaricom Plc approved The National Assembly's Public Debt & Privatization Committee Chair Hon. Abdi Shuriye has moved a motion for the House to adopt a joint report by his Committee & that of Finance and National Planning on the Partial sale of Safaricom shares owned by the Government. The two committees recommend: · The National Assembly approves the proposed US$1.6 billion (Kes 204.3 billion) partial divestiture by the government to Vodafone Kenya · The effective date of the National Assembly approval be April 1st, 2026 or any other later date pegged on the prerequisite approvals · The transaction shall be undertaken & concluded through the block trade platform of the Nairobi Securities Exchange · The government shall receive US$ 309 million (Kes 40.2 billion) upfront payment in lie of future dividend payments · All proceeds to be wired into the National Infrastructure Fund · There shall be no redundancy as part of this partial divestiture · There shall be no material change to the current Safaricom Plc ecosystem within 10 years of this partial divestiture
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UPDATE: GOK's US$1.91 billion partial divestiture in Safaricom Plc approved The National Assembly's Public Debt & Privatization Committee Chair Hon. Abdi Shuriye has moved a motion for the House to adopt a joint report by his Committee & that of Finance and National Planning on the Partial sale of Safaricom shares owned by the Government. The two committees recommend: · The National Assembly approves the proposed US$1.6 billion (Kes 204.3 billion) partial divestiture by the government to Vodafone Kenya · The effective date of the National Assembly approval be April 1st, 2026 or any other later date pegged on the prerequisite approvals · The transaction shall be undertaken & concluded through the block trade platform of the Nairobi Securities Exchange · The government shall receive US$ 309 million (Kes 40.2 billion) upfront payment in lie of future dividend payments · All proceeds to be wired into the National Infrastructure Fund · There shall be no redundancy as part of this partial divestiture · There shall be no material change to the current Safaricom Plc ecosystem within 10 years of this partial divestiture

Julians Amboko

14,271 views • 6 months ago

Norway’s Sovereign Wealth Fund was built on the back of Norway’s Oil & Gas REVENUES. It’s now so big that it funds 25% of Norway’s national budget. It also holds so much wealth that every Norwegian can get US$385 000 at any moment. Zimbabwe is following suit. The Mutapa Investment Fund is Zimbabwe’s Sovereign Wealth Fund. It owns and manages natural resources & companies (parastatals/SOEs) on behalf of the people of Zimbabwe. President President of Zimbabwe IMPLEMENTED the concept of the Sovereign Wealth Fund after years of lying idle. The purpose of this fund is to create and preserve wealth for current and future generations. The fund will be able to invest in business ventures in Zimbabwe & even in foreign countries. Dr Mangudya, the CEO of the Mutapa Investment Fund, explains the significance of this fund.
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Norway’s Sovereign Wealth Fund was built on the back of Norway’s Oil & Gas REVENUES. It’s now so big that it funds 25% of Norway’s national budget. It also holds so much wealth that every Norwegian can get US$385 000 at any moment. Zimbabwe is following suit. The Mutapa Investment Fund is Zimbabwe’s Sovereign Wealth Fund. It owns and manages natural resources & companies (parastatals/SOEs) on behalf of the people of Zimbabwe. President President of Zimbabwe IMPLEMENTED the concept of the Sovereign Wealth Fund after years of lying idle. The purpose of this fund is to create and preserve wealth for current and future generations. The fund will be able to invest in business ventures in Zimbabwe & even in foreign countries. Dr Mangudya, the CEO of the Mutapa Investment Fund, explains the significance of this fund.

𝑲𝒖𝒅𝒛𝒂𝒊 𝑴𝒖𝒕𝒊𝒔𝒊

18,333 views • 8 months ago

The Director General, Public Investments & Portfolio Management was asked how it is that Kenya seeks to have a Sovereign Wealth Fund in place whilst running ballooning fiscal deficits (FYI, Supplementary Appropriations I 2025/26 is at Kes 1.3 trillion, 6.8% of GDP). See quoted tweet for the Controller of Budget's submission on the Sovereign Wealth Fund Bill.
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The Director General, Public Investments & Portfolio Management was asked how it is that Kenya seeks to have a Sovereign Wealth Fund in place whilst running ballooning fiscal deficits (FYI, Supplementary Appropriations I 2025/26 is at Kes 1.3 trillion, 6.8% of GDP). See quoted tweet for the Controller of Budget's submission on the Sovereign Wealth Fund Bill.

Julians Amboko

26,170 views • 5 months ago

Why Finance Bill 2026 skipped PAYE bands adjustments National Treasury CS, John Mbadi, says that despite its absence in the Finance Bill 2026 Green Copy, adjustments to PAYE bands are not off the table & they will likely be factored in (key word here is 'likely'). Mbadi says that the headache the National Treasury has is that the proposed adjustment of bumping up the base from Kes 24,000 to Kes 30,000 & adjusting the rate downward for Kes 30,000 - Kes 50,000 would leave the Exchequer with a Kes 35.0 billion revenue gap. Musings... Sounds like a linear simulation that ignores the transmission of the additional disposable income into spending & additional indirect taxes (VAT, excises)
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Why Finance Bill 2026 skipped PAYE bands adjustments National Treasury CS, John Mbadi, says that despite its absence in the Finance Bill 2026 Green Copy, adjustments to PAYE bands are not off the table & they will likely be factored in (key word here is 'likely'). Mbadi says that the headache the National Treasury has is that the proposed adjustment of bumping up the base from Kes 24,000 to Kes 30,000 & adjusting the rate downward for Kes 30,000 - Kes 50,000 would leave the Exchequer with a Kes 35.0 billion revenue gap. Musings... Sounds like a linear simulation that ignores the transmission of the additional disposable income into spending & additional indirect taxes (VAT, excises)

Julians Amboko

37,405 views • 4 months ago

Airtel Kenya says it is not opposed to GOK's partial divestiture from Safaricom Plc. The say shareholding may not have any bearing on the competitive landscape. However, it raises concerns about the market & the case for a level playing field for all competitors. They raise two issues: · The mobile termination rates, given the design of the market, end up with a scenario where smaller players pay far much more to Safaricom Plc than Safaricom Plc pays them. They say this inhibits the capacity of small players investing in their infrastructure. Airtel Kenya wants the mobile termination rates lowered. Last time we saw mobile termination rates being lowered was March 2024 when this was lowered to Kes 0.41/minute from Kes 0.58/minute · Mobile money. Airtel says it is working with the Central Bank of Kenya on " a lot of things" to ensure "that side is also taken care of"
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Airtel Kenya says it is not opposed to GOK's partial divestiture from Safaricom Plc. The say shareholding may not have any bearing on the competitive landscape. However, it raises concerns about the market & the case for a level playing field for all competitors. They raise two issues: · The mobile termination rates, given the design of the market, end up with a scenario where smaller players pay far much more to Safaricom Plc than Safaricom Plc pays them. They say this inhibits the capacity of small players investing in their infrastructure. Airtel Kenya wants the mobile termination rates lowered. Last time we saw mobile termination rates being lowered was March 2024 when this was lowered to Kes 0.41/minute from Kes 0.58/minute · Mobile money. Airtel says it is working with the Central Bank of Kenya on " a lot of things" to ensure "that side is also taken care of"

Julians Amboko

59,361 views • 8 months ago

Delighted to have joined CNN this evening to give some colour to the protests dubbed #RejectFinanceBill2024 that have rocked Kenya in the build up to the 2nd Reading of the revenue raising proposal which seeks to mobilise Kes 346.7 billion worth of additional tax revenue in 2024/25. As I have indicated right from the outset, the one distinguishing trait of Finance Bill 2024 is just how aggressively it leans towards indirect taxes & that was bound to be a live wire given the scope of reach & progressivity minefield it creates in tax administration.
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Delighted to have joined CNN this evening to give some colour to the protests dubbed #RejectFinanceBill2024 that have rocked Kenya in the build up to the 2nd Reading of the revenue raising proposal which seeks to mobilise Kes 346.7 billion worth of additional tax revenue in 2024/25. As I have indicated right from the outset, the one distinguishing trait of Finance Bill 2024 is just how aggressively it leans towards indirect taxes & that was bound to be a live wire given the scope of reach & progressivity minefield it creates in tax administration.

Julians Amboko

98,914 views • 2 years ago

In addition to the New Income Tax Bill, we are bringing certain amendments in the Income Tax Act of 1961. Major amendments are: - Give tax exemption on dividend, interest, and long-term capital gains to sovereign wealth funds and pension funds investing in infrastructure between 01.04.2020 and 31.03.2030, subject to notification. The Public Investment Fund (PIF) and its wholly owned subsidiaries will be named directly in the section for exemption. - Abatement of all assessments for block periods in search cases until block assessment order. It will be a major reform for Ease of Doing Business. - Providing clarity for the new Income Tax regime, where standard deduction of Rs. 75,000 will be clarified for salaried individuals. - Fourth is related to Unified Pension Scheme (UPS) to clear the confusion on deduction, and bring parity with NPS. The above 4 changes are for the Income Tax Act 1961, but these have also been incorporated in the New Income Tax Bill. - Smt Nirmala Sitharaman in Rajya Sabha.
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In addition to the New Income Tax Bill, we are bringing certain amendments in the Income Tax Act of 1961. Major amendments are: - Give tax exemption on dividend, interest, and long-term capital gains to sovereign wealth funds and pension funds investing in infrastructure between 01.04.2020 and 31.03.2030, subject to notification. The Public Investment Fund (PIF) and its wholly owned subsidiaries will be named directly in the section for exemption. - Abatement of all assessments for block periods in search cases until block assessment order. It will be a major reform for Ease of Doing Business. - Providing clarity for the new Income Tax regime, where standard deduction of Rs. 75,000 will be clarified for salaried individuals. - Fourth is related to Unified Pension Scheme (UPS) to clear the confusion on deduction, and bring parity with NPS. The above 4 changes are for the Income Tax Act 1961, but these have also been incorporated in the New Income Tax Bill. - Smt Nirmala Sitharaman in Rajya Sabha.

Nirmala Sitharaman Office

15,718 views • 1 year ago

This week has been heavy from a Public Finance standpoint. Here's where things stand as of now: Finance Bill 2025 · Finance Bill 2025 sailed through the Committee of the Whole House · The next thing we expect to see is the Vellum (cleaned up version following the clause-by-clause amendments) after which it heads for the President's assent · Remember June 30th is the sunset date by which it must be signed because virtually all proposed measures, except just two, are effective July 1st · The Bill tabled by National Treasury targeted Kes 30.0 billion worth of additional revenue in 2025/26, by the time the National Assembly Finance & Planning Committee was tabling its report with proposed amendments, this had been scaled down to Kes 24.0 billion · Total revenue target for 2025/26 is Kes 3.321 trillion 1/4
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This week has been heavy from a Public Finance standpoint. Here's where things stand as of now: Finance Bill 2025 · Finance Bill 2025 sailed through the Committee of the Whole House · The next thing we expect to see is the Vellum (cleaned up version following the clause-by-clause amendments) after which it heads for the President's assent · Remember June 30th is the sunset date by which it must be signed because virtually all proposed measures, except just two, are effective July 1st · The Bill tabled by National Treasury targeted Kes 30.0 billion worth of additional revenue in 2025/26, by the time the National Assembly Finance & Planning Committee was tabling its report with proposed amendments, this had been scaled down to Kes 24.0 billion · Total revenue target for 2025/26 is Kes 3.321 trillion 1/4

Julians Amboko

70,541 views • 1 year ago

We spent some time at the #TaxSymposiumKE hosted by NTV Kenya's #BusinessRedefined & to discuss Finance Bill 2026's proposal to amend Sec52 of the Income Tax Act to provide that the sunset date for filing Income Tax returns will switch from June 30th to April 30th with that of Nil Returns to Jan 31st. Here are the submissions made: · The Revenue Authority argues that with pre-populated returns, the argument for the June 30th sunset date is weak, especially for payroll Kenyans · The Revenue Authority further argues that the reason why iTax has been enhanced to include a dash board is to enable businesses to have visibility of their sales & purchases as captured by eTIMS invoices & Withholding Tax certs on near real time basis · The Revenue Authority says that the plan is to ensure that on Jan 1st, 2027, every taxpayer on KRA's registers will receive a detailed breakdown of their books as pre-populated from eTIMS invoices, Withholding Tax certs & third party data in readiness for the April 30th sunset date for filing · Fredrick Kimotho from Deloitte Kenya argues that there will be significant strain by this adjustment especially given the compliance challenges being experienced from Income & Expenses Validation. He further argues that the reason why we have April 30th as the due date for balance of tax was to address the very problem that Government claims it seeks to solve with this proposal · Tax Nerd from Strathmore University Tax Research Centre argues that the adjustment is unnecessary considering the level complexity in Kenya's tax design & associated compliance
4:39

We spent some time at the #TaxSymposiumKE hosted by NTV Kenya's #BusinessRedefined & to discuss Finance Bill 2026's proposal to amend Sec52 of the Income Tax Act to provide that the sunset date for filing Income Tax returns will switch from June 30th to April 30th with that of Nil Returns to Jan 31st. Here are the submissions made: · The Revenue Authority argues that with pre-populated returns, the argument for the June 30th sunset date is weak, especially for payroll Kenyans · The Revenue Authority further argues that the reason why iTax has been enhanced to include a dash board is to enable businesses to have visibility of their sales & purchases as captured by eTIMS invoices & Withholding Tax certs on near real time basis · The Revenue Authority says that the plan is to ensure that on Jan 1st, 2027, every taxpayer on KRA's registers will receive a detailed breakdown of their books as pre-populated from eTIMS invoices, Withholding Tax certs & third party data in readiness for the April 30th sunset date for filing · Fredrick Kimotho from Deloitte Kenya argues that there will be significant strain by this adjustment especially given the compliance challenges being experienced from Income & Expenses Validation. He further argues that the reason why we have April 30th as the due date for balance of tax was to address the very problem that Government claims it seeks to solve with this proposal · Tax Nerd from Strathmore University Tax Research Centre argues that the adjustment is unnecessary considering the level complexity in Kenya's tax design & associated compliance

Julians Amboko

23,417 views • 4 months ago

Marco Rubio: "The oil proceeds are being deposited into an account that ultimately will become a US Treasury blocked account here in the US. We will say 'this is what this money can be spent on.' They will submit to us a budget request -- 'we want to use the money on these things.' Part of the proceeds will go to fund an audit process."
1:03

Marco Rubio: "The oil proceeds are being deposited into an account that ultimately will become a US Treasury blocked account here in the US. We will say 'this is what this money can be spent on.' They will submit to us a budget request -- 'we want to use the money on these things.' Part of the proceeds will go to fund an audit process."

Aaron Rupar

251,088 views • 8 months ago