President Uhuru Kenyatta on Wednesday 24 February 2021 urged the youth that the Building Bridges Initiative (BBI) bill will not benefit him but them.
The first in command was speaking at the Moi International Sports Centre, Kasarani where he unveiled the 750 winners of the ‘MbeleNaBiz’ business plan competition and launched the 2020 to 2024 Youth Enterprise Development Fund (YEDF) strategic plan.
He urged the youth to wake up and be keen on empowering themselves as well as fight for their rights instead of being fooled and coaxed with some flimsy handouts.
“Who told you that BBI is going to benefit Uhuru? Do you want your hard-earned money to stay in your pockets or be taken by KRA?“ he said.
The President also noted that the BBI bill proposals such as the seven-year tax holiday proposed by the BBI will guarantee the survival of business start-ups in the country.
He added that the BBI initiative which is all about constitutional change and legislative change as well will facilitate this process.
He explained that the tax holiday was going to help young entrepreneurs gain profit which will in return help grow the economy.
He added that instead of taking Ksh. 1 billion in taxes from 250 young entrepreneurs in 7 years, the BBI bill is proposing to have them retain this money and expand their endeavors.
President Uhuru said that the business plan competition launched was going to raise the revolving fund from Ksh4.5. billion to Ksh.5.5 billion.
He noted that the plan that he has launched will aim at transforming the Youth Enterprise Development Fund (YEDF) into an efficient and responsive entity that meets the needs of young people.
He added that the plan is to attempt to align the work of the Fund with the expectations and aspirations of the youth.
The business plan competition is a part of the 1.3 billion World Bank-funded Kenya Youth Employment and Opportunities Project (KYEOP).
A total of 11,737 youth participated in the competition with 750 emerging as winners.
Out of the winners, 250 of them were awarded grants of Sh3.6 million each while 500 were granted Sh900,000 each.
ICT Cabinet Secretary Joe Mucheru, CAS in the Ministry Nadia Abdala, Education CS Prof. George Magoha, and his trade counterpart Betty Maina were among those who attended the launch.