Homa Bay residents seeks industrial boost from Safaricom share sale

A section of Homa Bay county residents has urged the government to utilise proceeds from the sale of a 15 per cent stake in Safaricom to spur industrial growth.

Speaking during a public participation exercise, the residents said infrastructural projects should be a second priority.

The Parliamentary Committee on Finance, Economic Planning, Public Debt and Privatisation assured Kenyans that money generated from the sale of the shares will be used for the intended purpose.

Members who spoke at Kabunde Social Hall stressed that the money will be spent on viable projects.

Balambala MP Abdi Shurie, who led the committee during the exercise, explained that the government was looking at an alternative source of revenue.

He said this will enable the state to generate money that can be used for infrastructural development

“The money will be used on commercially viable projects. It will be put in projects that help the government,” he said, adding that the interests of employees of Safaricom will also be safeguarded.

Shurie added that the views raised by residents will be taken to the National Treasury for consideration, including the share price, after some people said it should be higher.

At the same time, residents called on the government to intensify the fight against corruption to ensure the money benefits citizens.

Interface Community Help Desk chairperson Evance Oloo said the money should be used prudently. “Let us not focus on building roads for now. Let’s first have industries for employment creation and then build roads that will be used to deliver raw materials,” he said.