President William Ruto has defended the increase in National Social Security Fund (NSSF) contributions, saying the move is part of a broader strategy to strengthen national savings and reduce Kenya’s dependence on external borrowing, particularly from China.

Speaking at State House, Nairobi, on Saturday, May 16, 2026, when he met religious leaders from Bungoma County, the president argued that boosting domestic savings through institutions such as NSSF is key to financing development projects locally and reducing reliance on foreign debt.

While defending his move to shift from the monthly Ksh200 contributed by Kenyans to the current six per cent of the salary, Ruto said Kenya has historically depended heavily on external loans due to low national savings, a situation he said must change if the country is to achieve long-term economic stability.

He noted that rising NSSF savings signal progress toward building a stronger internal financial base capable of supporting national development.

NSSF growth milestones

According to the president, NSSF funds had grown from about Ksh312 billion in 2023 to approximately Ksh700 billion by early this year, with projections of reaching Ksh1 trillion in the near future.

He said this growth trajectory demonstrates Kenya’s potential to finance its own development projects without overreliance on external creditors.

“In two years, ile pesa tumesanya in 60 years, we have doubled. Saa hizi, katika hazina yetu ya NSSF, by February this year, tulikuwa na Ksh700 billion. 2023 tulikuwa na Ksh312 billion. By next year, tutakuwa na Ksh1 trillion,” Ruto said.

“Sasa mnieleze, in five years? In 10 years? In 20 years? Hatutakuwa tunaenda China tena kukopa pesa ya mtu. Tutakuwa tunapanga hapa mambo yetu na pesa yetu.”

Criticism of borrowing culture

Ruto also criticised Kenya’s low savings rate, saying it forces the country to rely on foreign loans, which come with interest obligations that strain public finances.

He contrasted Kenya’s savings habits with those of other economies where a larger share of income is channelled into national investment funds.

“The reason why tunaenda kukopa huko China ni kwa sababu savings as a percentage of GDP is low. We must stop, tujenge hazina yetu as Kenya,” he said.

Push for economic self-reliance

The President emphasised that increasing domestic savings would allow Kenya to plan and finance its development agenda independently, reducing exposure to external debt pressures.

He urged Kenyans to embrace a stronger savings culture, saying it is critical to transforming the economy and securing future generations.

Ruto also referenced criticism of the reforms, saying he remains committed to implementing them despite public opposition.

“Hatutakuwa tunaenda China tena kukopa pesa ya mtu. Tutakuwa tunapanga hapa mambo yetu na pesa yetu,” he said, adding: “Even if people call me Zakayo, I want us to build our country using our own resources.”

The remarks come amid ongoing national debate over increased NSSF contributions and their impact on workers’ take-home pay, as the government pushes for broader economic reforms aimed at strengthening domestic investment capacity.