Kiharu Member of Parliament and the Parliamentary Budget Committee chairperson, Ndindi Nyoro, on Saturday, June 10, disclosed that the Higher Education Loans Board (HELB) would be allocated Ksh15 billion more in the 2023/24 financial year.
While distributing bursaries in his constituency, Nyoro emphasised the government's commitment to ensuring university students study without disruption. HELB funds will thus rise from Ksh15 billion to Ksh30 billion once Treasury CS Njuguna Ndung'u reads the budget on Thursday, June 15.
The government also allocated Ksh630 billion to the education docket under Cabinet Secretary, Ezekiel Machogu.
Part of the money would be used to hire 20,000 teachers in primary and secondary schools and technical and vocational training institutes.
“The government is giving education the much-needed importance since the future of this country will depend on the young people who are currently in school. An educated generation is a bright future for our nation,” the MP stated.
Treasury projected President William Ruto's first budget at Ksh3.6 trillion, Ksh215.03 billion more than former President Uhuru Kenyatta's last one in office.
In March 2023, HELB CEO Charles Ringera disclosed that over 140,000 students would miss out on the loans due to a lack of funds.
"Currently, we have 140,000 students in TVETS and universities that we have not been able to fund amounting to Ksh5.7 billion," the CEO told the Parliamentary Committee on Education.
Due to the tough economic times, several graduates have failed to secure employment, forcing them to default in repaying the debt.
All graduates with pending HELB loans are expected to repay one year after graduation.
On May 9, Ringera dismissed claims that the defaulters were listed under the Credit Reference Bureau (CRB) adding that listing starts six years after graduation.
"When we engage you in the first year of the application we know the timings of the courses. A timer is then put on you account. When the time is up and you are unable to graduate, you can communicate with us," he explained.
