The Central Bank of Kenya tracks remittances in US dollars, defining them as “money sent by a person in a foreign land to his or her home country”. 

In 2022, Kenya received $4.03-billion, worth about KSh478.5-billion (based on the average exchange rate of KSh117.87). In 2024, remittances rose to $4.95-billion, or KSh666.7-billion at an average rate of KSh134.82.

In dollar terms, remittances increased by 22.8% ($920-million). In shilling terms, the rise was 39.3%, not 60%.

Part of this increase was also due to the shilling weakening by 14.4% – from KSh117.85 to KSh134.82 – over the period.

In the first two months of 2025, remittances totalled $809.6-million or KSh104.75-billion, using January’s exchange rate of KSh129.39 per dollar.

Government inflated the remittance growth in three ways:

• Using a lower 2022 figure of KSh400-billion instead of KSh478.5-billion.
• Ignoring the shilling’s significant weakening from 2022 to 2024.
• Claiming full 2025 numbers, even though the year was only three months in.

The central bank defines foreign exchange reserves as funds or assets that are “readily available” to pay for imports, repay debts and to stabilise the shilling.

The bank publishes weekly reports. In February, reserves peaked at $9.374-billion. They crossed $10-billion in March, not February as claimed. At that point, the reserves could cover 5.1 months of imports. 

Monthly data showed reserves at $10-billion in December 2024. Reserves rise and fall based on trade, debt, remittances and central bank market activity.

In addition to getting the month wrong, the claim treats forex reserves as a fixed milestone, even though they fluctuate regularly. Dropping below $10-billion doesn’t necessarily mean trouble if the reserve still covers the legal minimum of four months of imports.

The Kenya Revenue Authority (KRA) collects taxes such as income tax, value-added tax (VAT), excise and customs duties. The government also earns money from levies, rent, fines, fees and grants.

By law, the national treasury must publish a “statement of actual revenues”, of taxes, non-tax sources, loans, repayments and grants. It also releases quarterly figures based on the financial year, which runs from 1 July to 30 June. 

Ruto’s scorecard doesn’t specify whether the revenue figures are from the 2022 calendar year or the 2021/22 financial year, so we checked both.

Source: Kenya economic and budget reports 2021, 2022, 2023, 2024, 2025
* Half year data from 1 July-31 December 2024. 

The data shows that revenue in both the 2022 calendar year and the 2021/22 financial year was over KSh1.9 trillion, with tax revenues at KSh2.03 trillion.

Revenue reached KSh2.7 trillion in 2024, not 2025 – which was only three months in at the time the claim was made. The actual growth from KSh2.199 trillion in 2022 to KSh2.7 trillion is 22.9%, not the 42% claimed. 

Tax revenue rose from KSh2.03 trillion in 2021/22 to 2.41 trillion in 2023/24 – 19% growth. 

In short, the scorecard used the wrong numbers – understating 2022 figures and mislabelling 2024 revenue as 2025’s. It was a missed opportunity: the real progress was solid, but the misreporting hurt credibility.

A country’s GDP is the total value of all goods and services it produces in a year. GDP growth shows how much that output increases, usually by year or quarter.

Data from Kenya’s statistics office, central bank and the World Bank all show that GDP grew from 4.9% in 2022 to 5.6% in 2023. 

The claim is correct.

Inflation shows how much prices for goods and services have increased over time, usually yearly. 

Kenya measures inflation using the consumer price index, which tracks changes in the cost of household items. 

When Ruto took office in September 2022, inflation was 9.2%, mainly due to high food and fuel prices. By February 2025 it had dropped to 3.5%. 

While a lower inflation rate doesn't always mean prices have fallen – just that they’re rising more slowly – the claim is correct.

According to the Central Bank of Kenya, the US dollar averaged KSh119.45 in August 2022, and KSh120.42 in September, when Ruto took office.

The shilling then weakened sharply, peaking at KSh160.8 on 25 January 2024.

By March 2025, when the scorecard was published, the exchange rate had improved to about KSh129.43. The claim is correct.

A fiscal deficit happens when the government seeks to spend more money than it has. To cover the gap, it usually borrows from local or foreign lenders. 

Kenya’s national treasury publishes data on the fiscal deficit every quarter. 

Source: Treasury reports 2022 and 2025

Between September 2022 and December 2024, the fiscal deficit grew by KSh50-billion, but as a ratio of GDP, it dropped from 6.2% to 5.2%.

The government sees this drop as progress, but Prof XN Iraki, who teaches economics at the University of Nairobi, told Africa Check that this figure needed careful interpretation.

Using percentages can make a rising deficit look smaller, even if the government is borrowing more – which can therefore be misleading.

Iraki added: “Including grants reduces the fiscal deficit because it covers part of the financing gap. But one has to hope that all the grants arrive as scheduled. 

“Excluding grants, on the other hand, shows the state of self-reliance. It gives a clearer picture of a government’s ability to fund itself.”

In the 2023/24 financial year, Kenya received KSh22-billion in grants. For 2024/25, the treasury expects KSh51.8-billion. Without grants, the deficit is KSh815-billion, still a significant gap. 

Iraki said that reducing the deficit by one percentage point was mostly symbolic in the short term. The claim is technically correct, but the context matters.