Prime Cabinet Secretary Musalia Mudavadi lauded the National Social Security Fund (NSSF) for expanding its asset base and playing a critical role in deepening domestic savings and financing key development projects in Kenya.
Mudavadi said the Fund has strengthened the country’s capital markets and is increasingly supporting long-term investments in infrastructure, housing and other productive sectors of the economy.
He noted that NSSF-backed projects in roads, energy, affordable housing and enterprise development are generating strong multiplier effects by creating jobs, stimulating local industries and contributing directly to Kenya’s Gross Domestic Product (GDP).
“These landmark investments include the Fund’s partnership in the Nairobi–Mau Summit highway project, the development of a modern twin-tower commercial building on Kenyatta Avenue, and the Milimani Housing Project in Kisumu,” Mudavadi said.
Speaking during the 8th Annual General Meeting of the NSSF in Nairobi, the Prime Cabinet Secretary said the projects are expected to create at least 75,000 direct and indirect jobs across construction, supply chains and support services, while boosting economic growth.
Mudavadi commended the NSSF Board of Trustees and management for backing the Nairobi–Mau Summit highway project, describing it as a key contribution to the government’s Bottom-Up Economic Transformation Agenda.
“I thank you for taking up this project as part of your investment portfolio. I now challenge you, with your resources, to consider modernising Jomo Kenyatta International Airport through a commercial decision, not a political one,” he said.
He argued that NSSF could own and manage JKIA, citing global examples such as Heathrow Airport in the United Kingdom, where international funds—including Saudi Arabia’s sovereign fund—hold ownership stakes.
“The airport remains domiciled in the UK, but ownership has shifted to global funds that have modernised it. This is a model worth considering,” Mudavadi added.
The Prime Cabinet Secretary said the power of collective savings by Kenyan workers is beginning to show tangible results and called for sustained momentum to keep the country on a growth trajectory.
“As NSSF evaluates new projects, careful selection to ensure strong returns and long-term potential will greatly help transform this country. There is an opportunity—please don’t let it slip away,” he said.
Mudavadi, who served as Finance Minister in the 1990s, noted the Fund’s transformation over the years, highlighting the growth of its asset base from Sh288 billion in 2022 to Sh670 billion in 2025.
He said the growth reflects increased confidence and trust among members, driven by higher savings and improved fund performance, warning that countries that fail to cultivate a savings culture struggle to achieve sustained prosperity.
The Prime Cabinet Secretary praised NSSF’s recent performance, including the declaration of a 17 per cent interest rate on members’ savings for the 2024–2025 financial year, up from 11 per cent the previous year—the highest return in the Fund’s history.
He also commended the settlement of 300,000 previously backlogged claims worth about Sh25 billion within one financial year, describing the achievement as remarkable.
“This performance validates the leadership and the Strategic Plan 2023–2027, which I had the honour of launching in May 2024. It assures members of double-digit returns and reinforces their constitutional right to affordable and accessible social security,” Mudavadi said.
He further applauded the Fund for reducing benefit payment timelines to within a day, noting that complaints over delayed claims have significantly declined.
“I no longer see parliamentary questions about members waiting years to be paid. Those concerns have virtually disappeared,” he said.
Mudavadi assured NSSF of continued government policy support and oversight to ensure the Fund remains credible, sustainable and capable of delivering social protection and socio-economic transformation.
He urged employers to remit employees’ contributions on time and called on the Fund to maintain high standards of governance, transparency, risk management and data protection.
“Compliance must be treated as a fundamental and non-negotiable obligation of doing business in Kenya,” he said.
The Prime Cabinet Secretary also challenged the youth to appreciate institutions such as NSSF, emphasising that long-term national institutions are built through sacrifice, discipline and consistency.
“Rome was not built in a day. Little by little, the bird builds its nest. Saving consistently today ensures retirement is lived with dignity, not as a burden,” he said.
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