Ruto says that so dire is the situation that more than half of the money made through tax collection is used to repay loans and debts owed to lenders.
He has noted that 65 percent of the money acquired from Kenyans through taxes is used to offset loans, just an indication of how bad things are.
He made the remarks on Sunday, while asking members of the clergy to remember the country in prayers as things continue to worsen.
"Pray for the ailing Kenyans economy. We are chained to our debts where 65 per cent of the taxes we collect go into paying debts," he said as is quoted by The Star.
He made the remarks during a thanksgiving event at the Nairobi State House gardens.
He added that Kenyans are also not saving enough through the NSSF, announcing plans to push them into saving more for their future.
Ruto said that at the moment, working Kenyans are only saving Sh200 a month.
"Kenyans have not been saving adequately. Everyone who works in Kenya saves only Sh200 every month. We will review NSSF," he added.
The prayer event was the first of its kind since he took over as the fifth President of Kenya, after winning the presidency on August 15.
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