Nairobi, March 26 -- President William Ruto has threatened to close down loss-making government institutions over the next three years if they don't turn around their fortunes.

The Head of State has also ordered parastatal Chief Executive Officers (CEOs) to cut their recurrent budgets by 30 per cent.

At the same time, he ordered state-owned commercial enterprises to immediately start remitting 80 per cent of their after-tax profits to the National Treasury.

"We will give you instructions on what to do with the remaining 20 per cent," the President said.

Dr Ruto also ordered regulatory institutions to remit 90 per cent of their surplus funds to the National Treasury.

"There will be no exceptions. Everyone must comply," President Ruto ...