Kenya's financial landscape continues to draw close scrutiny as new data from the KIPPRA Policy Monitor October-December Edition outlines the trajectory of the nation's public debt between December 2023 and September 2025.
The figures trace the distinct shifts between domestic borrowing and external obligations managed through the National Treasury.
Total public debt stood at Sh11,061 billion in December 2023, driven by Sh4,964 billion in domestic debt—representing money borrowed locally by the government—and Sh6,000 billion in public and publicly guaranteed external debt, which covers funds borrowed abroad alongside guaranteed public entity loans.
By June 2024, total public debt adjusted to Sh10,483 billion, with domestic debt shifting to Sh5,357 billion and external debt moving to Sh5,081 billion.
The figures demonstrated a steady progression through subsequent quarters. By December 2024, total public debt reached Sh10,808 billion, comprising Sh5,790 billion in domestic obligations and Sh4,990 billion in external debt.
Moving into 2025, total debt climbed further, registering Sh11,661 billion in June 2025, supported by Sh6,243 billion in domestic debt and Sh5,394 billion in external commitments.
Entering the latter half of 2025, total public debt remained elevated with slight monthly fluctuations. July 2025 recorded a total debt of Sh11,544 billion, split between Sh6,197 billion domestically and Sh5,273 billion externally.
By August 2025, the figures edged upward to Sh11,993 billion total public debt, featuring Sh6,536 billion in domestic debt and Sh5,353 billion in external debt.
The latest metrics for September 2025 place total public debt at Sh12,084 billion, consisting of Sh6,589 billion in domestic borrowing and Sh5,283 billion in public and publicly guaranteed external debt.
