“How can you get a loan with interest of 8% and you are a hustler? Will you be paying the interest or the principal? Kenyans were told during campaigns that Ksh. 50 billion will be in the budget, that it will change their lives for free, it is on record. That is the money the hustlers were waiting for. This is a classic example of how politicians lie to Kenyans” -Junet Mohammed
Azimio allied MPs have criticized the Hustler Fund that was officially launched by President William Ruto on Wednesday arguing that it was not up to par. Led by Suna East MP Junet Mohammed, they accused the Kenya Kwanza administration of duping Kenyans during campaigns by promising a free fund but then turning around once they assumed office and overtaxing them.
“How can you get a loan with interest of 8% and you are a hustler? Will you be paying the interest or the principal? Kenyans were told during campaigns that Ksh. 50 billion will be in the budget, that it will change their lives for free, it is on record. That is the money the hustlers were waiting for. This is a classic example of how politicians lie to Kenyans,” Junet said.
The Suna East legislator compared the fund to loans by cooperatives, noting that there are several Sacco’s offering Kenyans loans at cheaper rates. “I want to tell Kenyans that the Hustler Fund is not going to change their lives. There are cooperatives lending at 8 per cent in this country and even lower than that. Why don’t you make the interest rate one per cent if you want to change the lives of Kenyans?” Junet posed.
Instead of charging an 8% interest rate and an additional 9.5% on defaulters, the MP believes the government should have reduced the interest rate to make the fund more accessible to Kenyans. Mathare Constituency MP Anthony Oluoch and his Embakasi East counterpart Babu Owino questioned the program’s funding and constitutionality. Oluoch criticized the government’s method of raising cash without the approval of Parliament, stating that the funds were taken from the National Government Constituency Development Fund coffers.
“A Ksh. 50 billion fund is being set up by the government by way of regulation, which is an affront to the role of parliament. This is a charade and not what they promised the people of Kenya,” Oluoch said. “We have not received our CDF money and we suspect that this is part of the money that is being channeled to this Hustler Fund.”
On his part, Embakasi East constituency Babu Owino encouraged the head of state to combine the Fund with Azimio’s commitment of Ksh. 6000 and Kazi Mtaani to increase an individual’s allotment to Ksh. 100,000.
With the new fund, Individuals will be able to access up to Ksh50, 000 from the Hustler Fund using their mobile phones.
