President William Ruto has revealed that his predecessor Uhuru Kenyatta failed to disclose billions of shillings in loans.
The President said when he took office, he realised that nearly Sh200 billion borrowed money was not disclosed in the budget that was approved by Parliament.
He said the government has been forced to repay the loans that the last regime accumulated.
"It is me who came to pay that money," he said at State House during a joint interview with the media.
However, the President said he will live up to his promise to lessen the high cost of living among Kenyans.
"If parliament passes the budget the way it is, I will live to the way I have committed to reducing the budget deficit to 4.4 from 5.7 of GDP," he said.
"We want everybody to carry the tax but we have reduced tax on building materials and pharmaceuticals."
The President said contrary to reports by his critics that he is overtaxing Kenyans, he has done a lot in the budget to lessen the burden.
"We are better off building our own resources and be honest, we are not overtaxing ourselves, we are at 15 per cent of GDP," he said.