Public universities are on course to achieving financial stability within the next three years, thanks to the new university funding model, President William Ruto has said.
The President said the new student-centred funding model is addressing financial challenges that nearly brought public universities to their knees.
“As a result, our universities are in better financial health and are on course to settling their outstanding debts within three years,” he said on Friday.
He made the remarks when he presided over the 59th graduation at Scott Christian University in Machakos Town, Machakos County.
By implementing the new model, he said, the government was able to provide KSh41 billion in student loans and scholarships to universities within a year.
Kenyan public universities debt
He pointed out that by 2022, public universities had accumulated debts exceeding KSh120 billion, and 23 out of 40 of them were at the risk of closure.
“It is not right to continue with a model that has created huge debts. That is why I am deliberate, intentional and focussed on making sure that we have a model that does not take our university education where it was,” President Ruto said.
The President noted with concern that the government owes Scott Christian University KSh460 million under the old funding model, greatly hampering the institution’s operations and leading to its temporary closure.
“I know it has done a huge damage to this university and that’s why I took the responsibility to sort out the challenges in the old model,” he said.
Consequently, the President said the government is working round the clock to pay the huge debts the government owes public and universities.
Private universities can also benefit from new funding model – Ruto
Further, President Ruto said private university students are eligible to apply for funding under the new model through the Higher Education Loans Board so that all eligible students have a chance at higher education.
At the same time, President Ruto urged the management of public universities to “exercise patience and understanding” and allow students to sit their end-of-semester exams as they await the resolution of a court case and eventual resumption of full disbursement of loans and scholarships.
During the graduation ceremony, President Ruto announced that the government will tarmac all roads within Scott Christian University, and equip their ICT hub with 100 computers.
Moreover, the government will install a power back up system and a generator to ensure learning activities at the institution are not interrupted during blackouts.
