Connect with us

Business

Uhuru’s housing project in limbo as Treasury CS says there is no money

Published

on

President Uhuru Kenyatta’s pet project of affordable housing for the country is facing financial turbulence.

This comes after National Treasury Cabinet Secretary Ukur Yattani admitted before a parliamentary committee that the government may not allocate money in the next financial year due to a dip in national revenue collection.

After President Uhuru Kenyatta was sworn in for his second and last term in 2017, he announced his Big Four agenda for the country which include, manufacturing, universal health coverage, food security and affordable housing.

Under the housing, the President outlined his government’s plan to construct at least 500,000 housing units across the country by 2022.

To construct 100,000 units, the government requires about Sh45 billion so as to attract investors to pump in more money into the programme.

But while appearing before the Transport, Public Works and Housing Committee of the National Assembly Thursday, Mr Yattani noted that his ministry is facing financial difficulties and that he cannot guarantee the availability of the funds required for the project.

“We may not provide anything in the next financial year,” Mr Yattani told the committee chaired by Pokot South MP David Pkosing.

Transport, Public Works and Housing Cabinet Secretary James Macharia, who also appeared before the committee, noted that the government now intends to bring onboard the Saccos.

According to Mr Macharia, 228 units of the 1,370 units being the first phase along Park road in the city’s Ngara estate, have been completed and handed over to the government.

The projected completion of the entire project is December this year.

In the current financial year, Sh5 billion has been set aside for the programme and will be fully disbursed after Mr Macharia complained that out the allocation, only Sh1 billion has been given out.

Mr Macharia told the committee that it was regrettable there will be no money to fund the President’s legacy project noting that if the requested amount was availed, the country would be having 130,000 units.

He noted that given the reality that the country may not have the money required, it may be prudent to explore the mortgage culture and rope in the low-income bracket.

“Currently there are about 25,000 mortgages in the country, which by any standards is quite low. This culture needs to change. The ministry is encouraging investors to come in and take risk by putting up houses for sale,” Mr Macharia said.

He noted that the government will provide the required land, infrastructure, water and power among other things to support the investors in this.

“With all this provided, the cost of putting up houses might go down by up to 40 percent. This is the strategy that we want to use,” he said.

Mr Yattani explained to the committee that the Kenya Mortgage Refinance Company (KMRC) will also play a key role in boosting the success of affordable housing programme.

KMRC was incorporated in April 2018, to provide secure long-term funding to primary mortgage lenders (Banks and Saccos) in order to increase availability and affordability of housing loans to Kenyans.

Mr Macharia told the committee that the take-off of the project faced setbacks due to delays in the implementation of mandatory contribution and lack of support from the public as provided for in the Finance Act, 2018.

The law had made it mandatory that workers contribute 1.5 percent of their basic salaries with their respective employers contributing a similar figure to finance the project.

However, the Federation of Kenya Employers (FKE) obtained court orders to suspend the implementation of the mandatory contribution.

Before the matter could be determined in court, President Kenyatta while leading the country to mark Jamuhuri Day celebrations on December 12, last year, he decreed that changes be made to the Finance Act to make the contribution voluntary.

by Nation

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Visually impaired man with gifted hands sets sights on ‘shoe empire’

Published

on

They say, disability is not inability. All over the world, there are millions of people who have overcome physical challenges to succeed in life.

Not far from the expansive tea plantations of Kericho, one man has inspired many due to his ability to overcome odds and make the best out of every situation.

Bernard Maina Kipkorir, who lost his eyesight due to meningitis in 2007, is a fighter working his way up the ladder. Perhaps, a millionaire in the making.

Kipkorir, 38, believes in hard work and instead of sitting for hours waiting for alms by the roadside, due to his challenges, he makes shoes and sandals from cow hides.

He’s so good at his job that, without his white cane, you wouldn’t notice his blindness.

Kipkorir’s woes began in February 2007 when he started developing migraines.

When he consulted a doctor at the Kericho District Hospital, all seemed well.

“My head felt as if it was being hammered,” he says.

But after more visits to the doctor, he got admitted to the Kericho Home Nursing Hospital where he spent five months in the intensive care unit, and another two undergoing physiotherapy. It was then that he started losing his eyesight.

“I couldn’t comprehend the goings on in my body, and I even lost the sense of time,”

Kipkorir says. Having lost vision in his left eye, he began adjusting to his new life. However, the condition recurred in October 2008 and he was admitted to the Kisii Level 6 Hospital, from where he was diagnosed with meningitis.

Kipkorir was then transferred to the Kenyatta National Hospital, where he also lost vision in his right eye while receiving treatment.

“After I was discharged, my doctor referred me to the social services and protection office for counselling and help. It’s then that I opted to go back to school to learn how to live again.”

With all resources at home depleted, the officers and his family held a fundraiser to raise his college fees. He finally enrolled at the Machakos Technical Institute for the Blind in 2010.

He studied braille and learnt about independent living skills as a blind person.

New shoe designs

In 2011, he joined the shoe making department and from that year up to 2017, he progressed from Grade III to Grade I.

Kipkorir has a national grade test certificate from the National Industrial Training Authority under the Ministry of Labour. While in college, his met his love, Jackline Langat.

They have two children, Joyline Cheptoo and Jayden Kipchirchir.

“I have many challenges,” Kipkorir says. “The main one is capital to expand my business.

I need Sh120,000 to stabilise.” He also plans to go back to college to learn “the new shoe designs. It will help me boost my sales”.

His wife, Jackline, treasures her husband. “My peers ridiculed me when I married him, but I don’t think my life would have been any different or better.

He is a blessing to us; he works hard and provides for us. We never lack,” she says.

By Nation.co.ke

Continue Reading

Business

Coronavirus: Terry Mungai’s statement on Ashleys’ closure

Published

on

Ashleys Hair and Beauty Academy has shut down indefinitely in a bid to avoid further spread of the deadly coronavirus disease that has, as of Tuesday, March 31, seen 59 people test positive in Kenya.

In a statement issued by the Ashleys Kenya Limited founder and CEO Terry Mungai, the academy will remain closed until the pandemic is contained.

“To our friends and partners, you have walked this journey with us, over the last 24 years, as your number one spot for all your styling and grooming needs. You have cheered us on as we have scaled the heights and we, in turn, have consistently given you the cherished personal and professional services you can only find at Ashleys.

“It is thus, with the utmost difficulty that we have chosen to take the socially-responsible decision to temporarily close down all our branches in order to fully tackle the present challenge of the Corona Virus,” read part of the statement.

She further called for unity and highlighted Kenya’s steadfast spirit as she buttressed precautionary measures to tackle the disease.

“As a nation, we have been shaken before but we have always triumphed through the times of uncertainty. We are confident with God’s help and other this nations leadership, we shall emerge victorious once again. For now, stay safe, stay at home and keep us all in your thoughts and prayers as we shall too.”

Flair By Betty

By shutting down, Ashleys has joined a list of other beauty businesses that have had to close shop due to the pandemic with the most recent being Flair By Betty.

In a statement, the Flair By Betty CEO Betty Kyallo announced the closure of the parlour assuring that her customers and staffs safety came first.

“This special communication comes in the wake of the effects of the novel of coronavirus. It is indeed a difficult time for our beautiful country, continent and the world but we pray and hope for the best in the coming days.

“I believe the health and well being of our clients and staff is supreme and should be jealously guarded. With that in mind, we have decided to suspend operations as per government guidance until we get clearance that business can continue as usual,” read part of the statement.

AFROSIRI salon

Singer Wahu on her part, instead of a complete shutdown, resolved to make adjustments.

Announcing the changes in an Instagram post, the AFROSIRI CEO encouraged clients to get lasting hairstyles that will ensure they stay at home for, at least 3 weeks, before having to visit a salon again.

“For this season, we advice all our esteemed @afrosirisalon clients to wear a hairdo that will last at least 3 weeks (21 days), and to wear short neat nails. For the next couple of weeks, we are open on Wednesday- Saturday and shall serve clients on appointment, ensuring that no more than 5 clients are in the salon at any one time.

“We have also stepped up our sterilising procedures, and ensure all clients and staff alike practice regular hand hygiene (washing and sanitizing on entry/re-entry into the salon, washing and sanitizing of hands before the commencement of service and on completion of the same. We are also serving immune-boosting teas to all our clients. Service is by appointment only to ensure that we maintain the 5 client rule,” wrote Wahu.

By SDE

Continue Reading

Business

How to overcome a season of crisis

Published

on

BY GEORGE WACHIURI

A wise man once said that there is a season for everything under the sun – even when we can’t see the sun. Seasons are part of life just like day and night or winter and summer. Seasons of crisis, for instance the current Covid-19 pandemic, come to necessitate change. Crises are not permanent but the question is: How do we overcome such a season of crisis? Here are 7 tips:

1. Seasons guarantee change: A crisis can build brand new markets, remove the old and welcome the new and change the way of doing things. The change could be new innovations, bigger businesses, change of cultures, believes or behaviour change.

2. Crisis gives hope for tomorrow: When it is too dark, light is soon on its way. When you are jobless, you hope for a job soon. When temporary out of cash, you hope for hay days.

3. Nothing remain the same: Seasons come and go. Corona hit China and now China is almost certainly back on track. Seasons are very temporary. For those currently earning a percentage of their salary or no salary at all in different organisations, this is a situation that will not remain the same.

4. A Season of crisis gives incentives to plan for the future: The crisis phase come and go and we must plan for the next phase. The future is more promising than the present.

5. A Crisis Season is Transient: The beauty about it is that days and weeks are moving. Soon, the crisis season will be over. We should not panic too quickly. We need to stand still, think and innovate.

6. Never respond permanently to a temporarily problem: Suicide, for example, is a permanent solution to a temporary problem. We can do better than committing suicide, giving up, or doing something that we might regret soon after the tough days are gone.

7. Keep a positive eye on opportunities brought by a crisis: See the opportunities created during a crisis and seize them if you can. Look at the bigger picture and position yourself approximately.

The author, is a leading Entrepreneur, a Published Author, Philanthropist, Youth Empowerment Enthusiast, a Family man and CEO of Optiven Group.

Contact Optiven Group: 0790 66 77 99 Email: diaspora@optiven.co.ke Website: www.optiven.co.ke George Wachiuri Blog: www.georgewachiuri.com
YouTube: https://www.youtube.com/user/OptivenEnterprises/featured

Continue Reading


poapay3

Like us on Facebook, stay informed

NEWS TRENDING RIGHT NOW

2019 Calendar

February 2020
M T W T F S S
 12
3456789
10111213141516
17181920212223
242526272829  
satellite-communication1.jpg

Trending

error: Content is protected !!