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.