Higher Education Nets Over K11m

Higher Education Minister Nkandu Luo says the Ministry has recovered Eleven Million Seven Hundred and Twenty-one Thousand Six Hundred Ninety Six Kwacha from beneficiaries of education loans.

Professor Luo says the amount is from recoveries that started from September 2018 to December 2018.

The Higher Education Minister says 4 thousand 2 hundred and 26 beneficiaries have been captured through the Public Service Management Division.

Professor Luo has told journalists during a press briefing in Lusaka today that beneficiaries employed by ZANACO, United Bank for Africa, University of Zambia and the Copperbelt University have started paying back effective January, 2019.

She said the beneficiaries captured are those from 2004 to 2013 while information for beneficiaries from 2014 to 2017 is currently being processed as their loans have also matured.

She says the Ministry has commitments from Mopani Copper Mines and Zambia Revenue Authority to start the deductions in March, 2019 from beneficiaries that are employed by them.

Professor Luo has noted that the Ministry also received direct payments from beneficiaries who wished to offset their loans so as to avoid the accumulation of interest.

The Ministry of Higher Education started the loan recoveries in 2018.