Mount Kenya University (MKU) Pro-Chancellor Dr. Vincent Gaitho has urged the government to be more innovative in finding ways to fund education in institutions of higher learning.
He said that it has access to several sources that could boost cash inflows to the Higher Education Loans Board (HELB) and other funding avenues.
“We have the Unclaimed Financial Assets Authority (UFAA) which has about Ksh45 billion lying idle,” he said.
Dr. Gaitho, who also chairs the KEPSA Education Sector Board, was speaking in a panel discussion on the new university funding model hosted by a local TV station at Machakos University, where he noted that the model has been criticized by students and parents as discriminatory and inefficient.
He added that multinational and local corporate firms declaring excess profits should also be encouraged to donate funds as a form of Corporate Social Responsibility (CSR).
“Recently, the Ethics and Anti-Corruption Commission (EACC) handed over corruptly acquired property worth more than Ksh5 billion and cash assets totaling Ksh511.4 million to the government. These assets can be allocated to HELB as well,” Dr Gaitho said.
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His comments come on the backdrop of the recent roll-out of the controversial Variable Scholarship and Loan Funding model for university students which has changed how university students pay their fees.
Previously, the government was funding university education through a Differentiated Unit Cost model where its contribution to public universities was expected to be 80 per cent.
By James Wakahiu
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