University of Zambia Vice Chancellor Professor Luke Mumba has disclosed that the university has a staggering debt of K2.5 Billion.
Prof. Mumba told a news briefing that more than 50 percent of the debt is owed to retirees at the institution.
He said at the institution has been experiencing difficulties to meet its statutory obligations and paying off retirees.
Professor Mumba said the university has failed to clear arrears owed to about 120 retired workers.
He said the university has been forced to continue performing salaries to affected former workers because the institution has failed to clear the arrears.
Professor Mumba reiterated the need for UNZA to generate its own revenue and reduce dependency on public funds from the current 90 percent to 50 percent.
He also bemoaned the inadequate bed spaces at UNZA for students.
Processor Mumba said UNZA has 31,000 students against the current bed space that has remained static at 3,700 bed spaces.
He said UNZA will soon embark on the construction of a modern student village with 10,000 bed spaces and two hundred staff houses.
Professor Mumba said the project will help address congestion and staff accommodation challenges.
Professor Mumba said the village complex will be equipped with its own power generation plant that will provide an average 50 megawatts of electricity.
Never mind as long there is money for travelling of politicans its ok.Its Zambia.
Mumba has terrible reputation.
He only thinks of himself.
Thanks
BB2014,16
Is this the chancellor who wanted a prado Toyota car worth millions
Is this the chancellor who wanted a prado Toyota car worth millions. These are the educated we have who are cry babies. They want us to be taking care of them as though they are our babies. Go to china and Japan and see what it means to be a professor. They work like crazy and are expected to meet high KPIs. Not you weekend and after work golf club.
The country has a debt problem . All government institutions have debt problems. Even my security guard who is a pf cadre owes me money due to various advances I have given the poor chap. Only lungu is enjoying while you dull chaps suffer
This is the reckless mind set we were talking about 6 months about…here is this institution that has a colossal debt yet its chancellor will not consider this when he wants a personal to holder vehicle to drive…its a case of poor people with lavish tastes; its also evident in the govt of Lazy!!
How much are they collecting from the rental space by East Gate Mall? That is UNZA land we know, and Unza should have been able to collect enough money from that land.
They are all looting UNZA land with government officials.
Why are they so secretive ? All UNZA assets and land ownership must be made public.
Also UNZA students are just stone throwers. They should demand all assets be made public.
There is no way UNZA can be short if money with all the land they have.
One and a Quarter Billion Kwacha is owed to retirees. That corresponds to One Hundred and Twenty Five Thousand Dollars (USD). The whole debt corresponds to Two Hundred and Fifty Thousand Dollars. For me, this not an impossible figure to square. My view is that a set of funding options can be devised along charities, semi-commercial and commercial lines or a combination of these options. The puzzle is puzzling but it takes genius to solve the puzzle. As they say, the answer is blowing in the wind.
That figure translates to $125Million (K1.25 Tln old currency)
I conquer with Dr Makasa Kasonde, intellectual thinking which is good for national development as whole! Others are just barking mwe!
K2.5 billion debt but we will build 10, 000 bed spaces building. Well my friend two problems here.
You owe k2.5billion so where js the money to build coming from
10000beds building very big building even a 500 room hotel will take at least 1 year to build and fit out
And this man is a professor… maybe he wants the ma zungu in picture to find the money,again we are beggging from the ma zungu we hate. We are lucky they dont turn their backs on
The nigga wanted a toyota worth of millions of kwachas and yet the institute isn highly geared,
Pathetic.
Dr kosonde, this is why we have problems, CHARITIES, semi commercial and commercial entities fund the debt. Why the bloody hell shpuld they. Trim the fat. Do you prune a tree at the roots or from the top. My dear you are not the genius with the solution.
Charities,Semi commercial commercial entities use to pay back someone elses debt then their working capital /profit are diminished. Extrapolate your genius solution then you are saying that everybidy should contribute to an entity’s self incurred debt. Doctor Who
the debt burden for UNZA 10 yrs ago was K 2.5 billion. After re basing the excess zeros, its still ZMW 2.5 billion. you guys never cease to amaze me. there is something you are not doing right. think about it. this debt is going to swallow you one day coz already it has grown a million fold.
2.5 billion debt, out of this 50% ( 1.25 billion) is for 120 unpaid retairees. If you divide 1.25 billion by 120 unpaid workers you Wil get 10.4 million this is what on average unza owe each unpaid retairee. Good money in government. That’s why professors cant wait to get a job in government
Kasanda is still working as a civil servant?
This is the Unza Chancellor whom, in his time as the ill-trained biologist, and Dean of Natural Sciences, betrayed Zambia by supporting foreign business entities in their selfish bid to import the GMO maize into this country in return for pieces of silver from USA. Zambia was saved by a patriotic scientist, the Late Dr. Lewanika who advised President Mwanawasa against the importation of genetically modified organisms. What criteria did Minister Kaingu use to appoint this crook as Unza’s Chancellor?
50MW of electricity sounds quite high