Inside Govt’s Proposal to Double HELB Funds
Inside Govt’s Proposal to Double HELB Funds. On June 10, Ndindi Nyoro, a Kiharu-based lawmaker and the head of the parliamentary budget committee, announced an increase in funding for the Higher Education Loans Board (HELB) of Ksh15 billion for the fiscal year 2023–2024.
Nyoro underscored the government’s commitment to ensuring university students are able to study without interruption as he distributed bursaries in his district.
Consequently, following Treasury CS Njuguna Ndung’u’s reading of the budget on June 15, HELB funds will increase from Ksh15 billion to Ksh30 billion.
In addition, Cabinet Secretary Ezekiel Machogu gave Ksh630 billion to the education portfolio.
Twenty thousand teachers would be hired for technical and vocational institutions as well as primary and secondary schools with the use of some of the funding.
“The administration is placing the much-needed emphasis on education because the young people who are currently in school will determine this nation’s destiny. The future of our country is bright with an educated youth, the MP said.
President William Ruto’s first budget is expected to be Ksh3.6 trillion, according to the Treasury, which is Ksh215.03 billion more than the final budget of former President Uhuru Kenyatta.
HELB CEO Charles Ringera stated that just 140,000 students would be eligible for loans in March 2023 due to a lack of funding.
The CEO informed the Parliamentary Committee on Education, “At the moment, we have 140,000 students in TVETS and universities that we have not been able to fund, amounting to Ksh5.7 billion.”
Many graduates have been unable to find work as a result of the unstable economy, leading to debt default.
All graduates with outstanding HELB debts are required to start making payments one year after graduation.
Ringera denied accusations that defaulters had been reported to the CRB as of May 9, pointing out that reporting doesn’t start until six years after graduation.
According to him, when they hire someone in the first year of the application, they make them aware of the course schedules’ timings. A timer is then assigned to that person’s account.
He added that if the period of time expires and the person is unable to graduate, they can contact them.