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Let’s Implement The 16% VAT On Fuel And Secure The Future – Equity Bank CEO James Mwangi

James Mwangi
/courtesy
James Mwangi
/courtesy

The Equity bank of Kenya CEO James Mwangi has told Kenyans that they should warm up to the 16% tax levy on fuel so as to secure a better future.

He termed the increase in tax as the cost of transformation. Mwangi insinuates that the rising cost of living is as a result of accelerated development in the country, and that Kenyans should be ready for it.

“Essentially what we are seeing is the cost of transformation. We can’t wish and enjoy a ride on the standard gauge railway line but we are not willing to tighten our belts,” Mwangi said.

Read: Sh11 Billion Equity Program Airlifts 64 Scholars To Ivy League Institutions

The Equity bank boss said that this generation had to pay the price for a better future for their children. He said that the postponement proposed by the parliament would not help in solving the economic crisis as two years will elapse so fast.

“As a generation, we may need to pay a bigger price for our children. We can’t keep on postponing. Two years is just like a flick of time, it will be here with us (and) we will still push it like we pushed it two years ago,” Mwangi said.

There has been an uproar over the cost of fuel around the country with Kenyans saying that the cost of basic commodities will go up.

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Written by Merxcine Cush

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