President William Ruto has recently defended the government’s mandatory deductions toward the national social savings scheme, primarily channeled through the National Social Security Fund (NSSF).
Speaking during the installation of Kenya’s youngest Vice Chancellor, Ruto noted that the government was targeting Ksh1 trillion in savings over the next two years.
“From independence to 2023, we saved Ksh320 billion — that’s over 60 years. But in just two years, we have saved Ksh280 billion. By the end of this year, we will have doubled what we saved in six decades,” Ruto stated.
President William Ruto defends NSSF deductions. Photo: Courtesy.
The Head of State moreover credited the growth to bold policy decisions by his administration, noting that increased savings were a critical pillar for national development.
He went on to emphasize that the savings would reduce Kenya’s reliance on debt and allow for more homegrown investments.
“By 2027, our national savings will hit Ksh1 trillion. This is the direction a serious country must take,” he added.
The president further drew comparisons with the neighbouring countries arguing that they were doing well on their development agendas due to their strong savings cultures.
