Waiguru waives levy for NYOTA beneficiaries, boosts fund to Ksh.60,000

Speaking during a fund disbursement ceremony at Ihura Stadium in Muranga County, Waiguru said the move is aimed at creating a more favourable environment for young entrepreneurs to grow their businesses and achieve economic independence.

She also announced that the county government will top up the second phase disbursement with an additional Sh10,000 for every beneficiary who receives Sh25,000 under the programme, raising their total support to Sh60,000 for business development.

The county-level announcement comes on the back of a broader national push. President William Ruto has directed the implementation of a two-year business permit waiver for all NYOTA beneficiaries countrywide, in a move aimed at easing the cost of doing business for young entrepreneurs.

Speaking during the launch of the programme's second phase at the Ulinzi Sports Complex in Nairobi on Friday, the President said the government must remove bureaucratic hurdles that prevent youth-owned businesses from growing.

"Having seen what these young entrepreneurs have achieved with modest support, the government of Kenya now has a responsibility to remove the barriers that still stand in their way. Success should never be constrained by unnecessary bureaucracy," Ruto said.

"I therefore direct the Intergovernmental Budget and Economic Council, working together with the county governments, to develop and implement a two-year business permit waiver for all NYOTA beneficiaries. Young businesses deserve to find their feet before they bear the full cost of compliance," he added.

The President further directed the Ministry of Cooperatives and MSMEs Development to establish a national NYOTA identification mechanism to enable beneficiaries to seamlessly access government services, incentives and enterprise support programmes.

He also instructed state backed financing institutions, including the Youth Enterprise Development Fund, the Uwezo Fund, the Women Enterprise Fund and other relevant agencies, to develop a dedicated NYOTA Growth Product to provide follow on financing for businesses that outgrow their initial grants.

"The first grant must never become the last opportunity. As business grows, they require larger financing, better equipment, wider markets and stronger partnerships. So, we as government, must and will provide a clear pathway from startup to sustainable enterprise," Ruto said.