Ruto Claims Housing Fund Will Help Create 1 Million Jobs
President William Ruto has defended the proposed housing fund under the Finance Bill 2023, which has been met with criticism from some quarters.
The proposal would see a 3% deduction from both employees and employers, with the money going towards a national housing fund.
Speaking during Madaraka Day celebrations in Embu, Ruto said the fund would be beneficial to Kenyans, as it would help to create jobs and provide affordable housing.
“This is a fund that will be used to build houses for Kenyans. It will also create jobs for our youth,” he said.
Ruto said the government is committed to addressing the housing deficit in the country, and that the fund is one of the key measures that will be used to achieve this goal.
The proposal has been met with criticism from some quarters, who argue that it is a tax on workers and will put a strain on their already stretched budgets.
However, Ruto has defended the proposal, saying that it is a necessary step to address the housing deficit in the country.
It remains to be seen whether the proposal will be passed into law. However, Ruto’s comments suggest that the government is committed to seeing it through.
The housing fund proposal is one of a number of measures that the government is considering to address the housing deficit in the country. Other measures include the construction of affordable housing units by the government and the private sector, and the provision of mortgage loans to low-income earners.
The government has said that it is committed to providing affordable housing for all Kenyans by 2030.