Nairobi — President William Ruto on Monday succumbed to pressure and slashed the Housing Fund levy by half, from the current three percent to 1.5 percent.
Reducing the percentage of the levy contained in the Finance Bill 2023 comes as a direct response to the widespread public outcry, with a considerable number of Kenyans expressing strong opposition to the scheme.
“The Housing Fund contribution has been reduced to 1.5% from the proposed 3%. Ruto listens,” President Ruto’s United Democratic Alliance (UDA) party tweeted.
The National Assembly Finance Committee has been actively gathering input from stakeholders regarding the Bill, and the clause related to the housing levy garnered significant attention and debate.
The Committee is on Tuesday set to present the revised edition of the Bill for discussion in the House, marking the beginning of a lively debate that is anticipated to be highly spirited.