The government has announced plans to clear all university debts within two to three years.
Speaking on Wednesday, April 30, President William Ruto stated that the move will be achieved by working together with university chancellors. ''In the next 2 to 4 years, all the universities will be out of the debt trap,'' said Ruto.
His remarks follow a report tabled in Parliament in 2024, which showed that 23 of the 40 universities are on the verge of collapsing from heavy debts, with total debt burden across all institutions hitting a record Sh76 billion.
However, according to President Ruto, the 23 struggling are on an upward trajectory. "The universities that were struggling 2 years ago with debt, 23 of which had been declared bankrupt, are now on an upward mobility." On the issue of university funding model, Ruto stated: "We are implementing a sustainable higher education funding model to ensure that every learner, regardless of their background, has a fair chance to pursue their academic ambitions." "Through institutions like this, we are empowering communities with the tools and knowledge to participate meaningfully in national development and wealth creation." The President was speaking during the Co-operative University of Kenya Chancellor Bernard Chitunga's installation ceremony, who was appointed for the position for five years.
