HELB to be scrapped under new Bill, replaced by Funding Authority
The Tertiary Education Placement and Funding Bill, 2026, proposes to give the new authority powers to mobilise funds for lending to students and trainees in tertiary institutions through the Tertiary Education Fund.
The Higher Education Loans Board (HELB), Universities Fund Board, and TVET Funding Board are set to be abolished under a new bill, to be replaced by the Tertiary Education Funding Authority. The Tertiary Education Placement and Funding Bill, 2026, aims to give the new authority the power to mobilise funds for student and trainee loans in tertiary institutions through the Tertiary Education Fund.
This fund would be financed through various sources such as National Assembly allocations, investment proceeds, and loan repayments. The authority would also manage scholarships, maintain funding data, and recover loans from beneficiaries. It would be allowed to tap private capital and other education financing sources, including domestic pension funds, collective investment schemes, and climate finance.
The authority's board would be led by a president-appointed chairperson and include ex-officio members such as the Chief Executive Officer, Principal Secretaries for university education and technical and vocational education and training, and the Treasury Principal Secretary. Four non-public servant members would also be appointed.
The chairperson and board members would serve three-year terms and could be reappointed for an additional three-year term if they meet satisfactory performance standards.
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