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{
    "id": 1204231,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1204231/?format=api",
    "text_counter": 82,
    "type": "other",
    "speaker_name": "",
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    "content": "We will also work with the Kenya Revenue Authority on a culture change to make it a people-friendly and customer-centric organization. I am of the view that we should rename it the Kenya Revenue Service, in line with the proposed transformation. The very large Government borrowing requirements has also undermined the business sector contribution to national savings and investment efforts. These measures outlined above will also address the problem of Government crowding out the private sector from the credit market. It will encourage banks to go back to lending to businesses and bring down interest rates, so that the private sector can also contribute to reducing the savings investment deficit. In many countries, social security and particularly pension systems contribute, significantly to the national savings. Our current social security infrastructure, both public, that is the NSSF, and private only cater for people in formal employment, thereby excluding the vast majority of working Kenyans. There is no retired Kenyan today who is living on their NSSF retirement benefits. The meagre current contribution of Ksh200 a month adds up to Ksh72,000 over 30 years. There is no rate of return on earth that can grow this into an adequate pension. I mean, we just have to be honest with ourselves. You cannot pretend that you are saving by saving Kshs200 and it happens across board. Not surprising, many Kenyans scramble to provide for themselves by investing in the 50 by 100 plots of land, thereby exacerbating the problem of land fragmentation, price inflation as well as land fraud. We intend to overhaul our social security infrastructure to make it inclusive. To encourage those excluded to save, I will be proposing a national savings drive to encourage those in the informal sector to set up their retirement savings plan. This means that for every two shillings saved in the scheme, up to a maximum of Ksh6,000 a year, the Government will contribute a shilling for every two shillings saved by the private sector; meaning that for every Kenyan who will save Ksh6,000 a year, the Government of Kenya will give them Ksh3,000. As part of the response to the ongoing drought, we have embarked on distribution of relief supplies to 3.5million Kenyans who are affected by drought in 23 arid and semi-arid counties. The ultimate solution to the drought cycle in our country is mitigation of climate change and its adverse effects. We must act urgently to keep global heating level below 1.5 degrees centigrade, help those in need; promote the use of renewable energy and thus end addiction to fossil fuels. Hon. Members, I know the contribution to the National Government Constituency Development Fund (NG-CDF) is making life better for our citizens. Having saved in Parliament for 15 years before and after the establishment of the NG-CDF, I know that the difference it makes is monumental. I believe there is a way CDF can be aligned to the tenets of the Constitution. In this regard, I also hasten to add that both Houses should also be adequately resourced for oversight duties."
}