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Cash Strapped Varsities Receive Sh214 Million Boost

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Cash Strapped Varsities Receive Sh214 Million Boost

Cash Strapped Varsities Receive Sh214 Million Boost.
The National Treasury has responded to the cash crisis in higher education institutions by providing Sh214.2 million in additional funding to nine universities and colleges.
The supplementary budget increases recurrent spending at the Technical University of Kenya, the Technical University of Mombasa, University of Nairobi (UoN), Kenyatta, Egerton, Maseno Moi, and Masinde Muliro universities, and Jomo Kenyatta University of Agriculture and Technology by Sh151.2 million (JKUAT).
Only Maseno (Sh50 million) and the University of Nairobi (13.4 million) received additional funding for development.
UoN received the most money, Sh39.2 million, followed by Kenyatta University, which received 23.4 million, and Moi and JKUAT, which each received Sh22 million.
Top universities have faced financial constraints as a result of rising pay demands, with lecturers at UoN, JKUAT Moi, and Egerton recently threatening to strike.
To reduce operating costs, university administrations have been forced to consider drastic fee increases, eliminating some courses, merging faculties, and closing satellite campuses.
Universities have found themselves in dire financial straits as a result of declining student enrollment, mismanagement, and inadequate state funding.
Kenya has 31 chartered universities spread across the country, with 64 campuses and seven constituent colleges.
According to a Treasury report on government investments, 69 corporations in the education sector, including universities, polytechnics, and technical colleges, received Sh61.8 billion, or 28% of all transfers and recurrent grants.

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Treasury stated that the majority of the funds were spent on public universities, which still required an additional Sh6.9 billion to meet their total expenditure, highlighting the institutions’ cash flow problems, which have caused them to seek expensive commercial loans.
The University of Nairobi had the largest shortfall of Sh2.17 billion, Kenyatta required an additional Sh2.13 billion for operations, and JKUAT had a Sh1.4 billion deficit.
Egerton needed an additional Sh1.3 billion to stay afloat, Moi needed Sh1 billion, and the Technical University needed Sh769 million.
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The funding gap for students at public universities has more than doubled in the last two years, indicating that the cash-strapped institutions will face even tougher times ahead.
According to data from the Universities Fund, which guides the allocation of state funds to public universities, the gap has reached Sh27 billion in the current fiscal year, a 107.7 per cent increase from Sh13 billion two years ago.

According to a new audit report, Jomo Kenyatta University of Agriculture and Technology is bankrupt and unable to meet its financial obligations.

According to a new audit report, Jomo Kenyatta University of Agriculture and Technology is bankrupt and unable to meet its financial obligations.
Cash Strapped Varsities Receive Sh214 Million Boost

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