Nakuru-based philanthropist and Businessman Maina Wakabura has pointed out two key elements that he terms positives in the Finance Bill 2024.
In a press statement released on Thursday, Wakabura noted that the Finance Bill 2024/25 has become a significant topic in many households.
He saids after going through the Bill, it comes out clear labor-intensive initiatives for economic stability and growth as well as social investments.
“I see two key positives in the document: labor-intensive initiatives for economic stability and growth and social investments,” he said.
Labor-Intensive Initiatives:
Wakabura notes that these initiatives span several critical sectors:
Agriculture: Supporting both large and small-scale farming.
Infrastructure Development: Prioritizing road construction and the affordable housing agenda.
Education: Investing in education to build a skilled workforce.
Environmental Restoration: Promoting the National Landscape Restoration Strategy and the 15B trees agenda.
Social Investments:
He points out that these investments aim to support vulnerable populations through robust social protection programs:
Healthcare: Enhancing access and quality of healthcare services.
According to the philanthropist, matters Youth & Sports Programs have been considered in the Bill by Providing opportunities for youth engagement and development.
Water & Sanitation: Ensuring access to clean water and sanitation facilities.
Enhancing Government Revenue: He says The bill proposes tax reforms to streamline tax processes and ensure that everyone contributes to funding our development objectives.
Key measures include: Support for SMEs: Offering tax incentives, easier access to credit, and reducing bureaucratic hurdles to foster entrepreneurship and job creation.
Incentives for Investors: Introducing incentives for both local and foreign investors to attract more investment, leading to economic growth, job creation, and technology transfer.
Infrastructure Development:
“The bill facilitates the securing of additional funds for infrastructure projects, enhancing the development of roads, bridges, and other critical infrastructure. This will facilitate trade and improve the quality of life for our citizens,” stated Wakabura.
He noted the Importance of a Balanced Budget, adding that achieving a balanced budget is crucial for reducing national debt to sustainable levels.
According to Wakabura, by balancing our budget, we can in the future:
Lessen the Tax Burden: Reducing the need for excessive taxation by ensuring efficient use of resources.
Promote Economic Stability: Maintaining fiscal discipline to foster a stable economic environment.
Encourage Sustainable Development: Ensuring that our development objectives are met without over-relying on debt.
Wakabura concludes that, the Finance Bill 2024/25 is a strategic step towards economic stability, social investment, and sustainable growth.
He called on Kenyans to support such a initiatives.
“It is essential that we support these initiatives to secure a prosperous future for all,” he stated.
Author: Pristone Mambili
A trained Journalist with passion for Radio and online Writing.