The National Treasury has allocated Ksh 15.1 billion to the Digital Superhighway and Creative Economy pillar of the Bottom Up Economic Transformation Agenda (BETA).
This will see young Kenyans utilise 1.5 billion in the Kenya Industry and Entrepreneurship Project, Sh 332 million in the Kenya Youth Employment and Opportunities Project, and Sh 332 million used by the government to construct industrial research laboratories across the country.
According to Mwananchi Guide Financial Year 2023/24 Budget, these funds will also be used in the promotion of music, theatre, graphic design, digital animation, fashion, and craft, among other skills that will increase employment for the youth.
”To achieve these aspirations, I propose to the National Assembly to effect budget allocations of Ksh 15.1 billion to fund initiatives in the Information, Communication, and Technology sector,” Treasury CS Njuguna Ndung’u said in the statement.
This announcement came against a backdrop of President Ruto’s meeting with Creatives at State House the previous week at State House where he committed to the government’s support for the creative economy.
It was at the Jun 16, 2023 meeting that the Head of State announced 10 percent of his government’s advertising budget will go to Content Creators. The 10 percent advertising budget in context amounts to Sh30 billion.
In addition to this, Content Creators will now pay a 3 percent withholding tax on income earned from digital content monetization, down from the 5 percent initially announced.
