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CS Kuria reveals number of Kenyans already contributing to the proposed housing fund

The Trade and Investments Cabinet Secretary said the Kenyans had already raised Sh1.8 billion to the fund

Trade and Investments Cabinet Secretary Moses Kuria

Trade and Investments Cabinet Secretary Moses Kuria has announced that 30,000 Kenyans have already made contributions totalling Sh1.8 billion to the controversial housing scheme proposed by President Ruto.

The government is set to utilize these funds for the construction of additional houses, showcasing the growing momentum of the initiative.

CS Kuria highlighted the potentially transformative impact of the housing levy, as outlined in the Finance Bill 2023, emphasizing that it could create significant job opportunities and drive positive change throughout the country.

He urged all salaried workers to actively participate in the scheme, envisioning millions of Kenyans benefiting from its implementation.

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"Did you know that 30,000 Kenyans have been contributing to the Housing Fund already? They have raised Sh1.8 billion already. Now we have 3 million salaried workers in Kenya, by the same rule, that's 18 million jobs. Secede if you want, but we must change this nation," Kuria passionately stated.

Furthermore, the Trade Cabinet Secretary shared his ambitious plans to multiply the current contributions to Sh45 billion by attracting more investors. Through effective leveraging, Kuria envisions the creation of 18,000 houses valued at Sh2.5 million each, generating a significant number of employment opportunities.

"With gearing, I can get investors to multiply this to 45 billion of houses, which is 25 times and 18,000 houses at a cost of 2.5 million. Each house will create 10 jobs. That is 180,000 jobs right there just from a pool of 30,000 voluntary contributors," he explained.

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Housing Principal Secretary Charles Hinga had previously reassured Kenyans that if they contributed to the levy, the government would raise Sh1 billion every month. This guaranteed amount would be provided to investors, instilling confidence and attracting further interest.

According to the PS, the Housing Fund is like a national chama (savings group).

"We determined that in order for us to be able to provide those houses at those prices Sh5000, Sh10,000, Sh15,000, we have got to do something that every Kenyan knows how to do. And that is a national chama," the PS said in a recent interview with Spice FM.

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President Ruto has also defended the housing proposal which he has said was part of his campaign promise and which must be implemented since it will create over 1 million job opportunities.

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