• The president said the lack of affordable housing has seen Kenya have the largest number of informal settlements.
• Ruto noted that this was achieved because of the hard decision Singapore had to take, including mandatory savings.
Image: WILLIAM RUTO/TWITTER
President William Ruto has insisted that Kenyans need to sacrifice by saving with the Housing fund, to be able to achieve a prosperous housing model.
Speaking on Thursday during a visit by Singapore Prime Minister Lee Hsien Loong, Ruto said the housing project cannot be delayed any longer.
"I don’t want us to postpone this agenda any further and thus I’m asking Kenyans to make the sacrifices by saving into the housing fund so that 60 years from now we can also have a similar success story," he said.
The president said the lack of affordable housing has seen Kenya have the largest number of informal settlements.
He said Singapore started their affordable housing journey 60 years ago when Kenya started its housing policy and currently, over 85 per cent of Singapore residents have decent housing.
Ruto noted that this was achieved because of the hard decision Singapore had to take, including mandatory savings.
"Kenyans are currently engaged in the housing debate, with approximately 6.5 million people lacking affordable and decent housing. Singapore has one of the most successful stories on matters of public housing. The PM has informed me that 85% of all Singaporeans live in decent and affordable public housing.
"Their journey did not start overnight, it began 60 years ago, around the same time we established our Housing Policy. They took some hard decisions and made some sacrifices where they undertook mandatory savings, and the results are there for everyone to see. We are 60 years late in taking this bold step," he said.
President Ruto added that together with PM Loong, they have agreed to work to actively explore methods of acquiring knowledge and support from Singapore's highly prosperous housing model.
The Housing levy has become a hot topic in the country, as the government plans to make it mandatory, in its push to achieve affordable housing.
In the proposed Finance Bill, 2023, Treasury proposes a 3% deduction to the fund.