Kenyans Question Ruto’s Affordable Housing Fund Usage After Ksh1.2 Trillion Claim
Questions have been raised about the financing of the Affordable Housing Programme.
This comes after President William Ruto claimed that the project generated Ksh1.2 trillion in investments, despite official data showing substantially smaller Housing Levy collections.
Speaking to Kenyans residing in Finland on Thursday evening, Ruto said that the initiative, which has been the subject of heated public discussion and court challenges, had raised enough funds to match the country’s budget deficit.
“That housing fund has generated investments of USD 9.3 billion. This is not money we have borrowed; this is our money,” Ruto told Kenyans in Helsinki.
He added, “If I were to get that money from the IMF or the World Bank, I would grow grey hair before I got it.”
“That housing fund, has generated, investments of $9.3 billion and this is not money we have borrowed, this is our own money…” – President Ruto pic.twitter.com/egmxxCfNZp— K24TV (@K24Tv) June 12, 2026
Ruto could not specify if the Ksh1.2 trillion figure comprises expected investments, private sector funding pledges, or the entire value of housing-related initiatives associated with the scheme.
The President’s remarks have, however, raised fresh questions about how the Ksh1.2 trillion figure was arrived at.
Available public records show substantially lower amounts collected through the Housing Levy since its introduction.
The State Department for Housing has previously maintained that available funding remains insufficient to fully finance the programme.
It then proposed raising additional capital through securitisation bonds backed by future Housing Levy proceeds.
The Affordable Housing Programme is primarily funded through allocations from the national budget and the mandatory Housing Levy deducted from workers’ salaries.
Under the levy, employees contribute 1.5 per cent of their gross monthly salary, which is matched by employers.
A worker earning a gross monthly salary of Ksh50,000 contributes Ksh750 each month towards the fund.
Available data indicate that the Kenya Revenue Authority (KRA) has collected approximately Ksh127.36 billion from the Housing Levy since the programme’s inception in mid-2023.
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An Analysis has found the government has allocated a total of Ksh242.4 billion from the national budget to the Affordable Housing and its supporting infrastructure.
Treasury data shows the collections have exceeded projections over the last three financial years, underscoring the growing contribution of the levy to the housing programme.
Despite the strong collections, the Affordable Housing Board is seeking to raise an additional Ksh100 billion through securitisation bonds backed by future levy proceeds, a move that suggests a need for additional financing to support ongoing projects.
Over the past four years, the government has collected and allocated about Ksh369.76 billion to the Affordable Housing Programme.
According to Ruto, the programme has already facilitated the construction of hundreds of thousands of housing units and market projects across the country.
“We are building 300,000 units, 180,000 student hostels, and 500 modern markets at a cost of Ksh93 billion, funds locally raised under the Affordable Housing Fund,” Ruto said.
Kenyans Question Ruto’s Affordable Housing Fund Usage After Ksh1.2 Trillion Claim
