- President William Ruto delivered his State of the Nation address to Members of Parliament and senators on Thursday
- The head of state listed four pillars that he will prioritise in 10 years to make Kenya a first-world country
- He announced the establishment of a National Infrastructure Fund and a Sovereign Wealth Fund to finance the mega projects
TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting, offering insights into Kenyan and global economic trends.
At least KSh 5 trillion will be needed to implement President William Ruto’s ambitious aim to make Kenya a first-world nation, emulating nations such as Singapore, Japan, South Korea, and Malaysia.
Source: Facebook
To make the plan a reality, Ruto stated during his State of the Nation Address in Parliament on Thursday, November 20, that his administration will prioritise four pillars.
These are investing in the people, changing the economy, producing more energy, and changing the transportation and logistics industry.
“We also have an ambitious plan of building 50 megadams and 200 medium and small dams to expand irrigation, generating 10,000 megawatts of power, building 28,000km of roads, and expanding Jomo Kenyatta International Airport and Mombasa and Lamu ports,” Ruto stated.
How will Ruto raise KSh 5 trillion?
Ruto noted that to finance the KSh 5 trillion megaprojects the government has planned to make Kenya a world-class nation, Kenyans will not have to pay higher taxes or take out loans.
The president announced the establishment of a National Infrastructure Fund and a Sovereign Wealth Fund.
He asserted that these funds will provide innovative finance for the projects.
“We cannot keep using unsustainable borrowing or raising taxes on taxpayers to pay for necessary infrastructure. But we also cannot afford to postpone these needs without jeopardising our future,” he said.
Source: Twitter
What is Ruto’s plan for the four pillars?
The head of state emphasised that education, skill development, scientific training, and innovative ability are all areas in which the government should invest in its citizens.
He pointed out that significant improvements in the education sector, such as raising the budget from KSh 490 billion to KSh 700 billion in four years and expanding STEM programs to boost innovation and encourage research, have already laid the groundwork.
“We have increased the education budget from KSh 490 billion in 2021 to over KSh 700 billion this year, which has facilitated better infrastructure in our education system, more teachers and trainers, and enhanced funding for our colleges and universities,” he explained.
Regarding economic transformation, the president reaffirmed that to prevent the government from spending an average of KSh 500 billion a year on agricultural products, the country must shift from being a net importer to a net exporter of goods and services.
To transform the country, he plans to generate additional energy to power industries.
He said Kenya generates approximately 2,300MW of power, compared to a target of 10,000MW.
Which roads will Ruto dual?
At the same time, Ruto said his administration plans to dual 21 roads nationwide.
These include the Rironi–Naivasha–Nakuru–Mau Summit road, Rironi–Maai Mahiu–Naivasha road, Muthaiga–Kiambu–Ndumberi, Machakos Junction–Mariakani and Mau Summit–Kericho–Kisumu highway.
He added that his government had established 1,500 Wi-Fi spots to boost internet connectivity.
Proofreading by Asher Omondi, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
