HESLB recovers Sh216 billion in 2016/17
What you need to know:
The Higher Education Students' Loans Board (HESLB) recovers some of their funds through beneficiaries from formal and informal sectors.
The success is due the collaboration from employers who now observe the law.
Dar es Salaam. The Higher Education Students' Loans Board (HESLB) has recovered a total of Sh216 billion out of Sh427 billion in the financial year 2016/17.
Addressing reporters on Tuesday in the city HESLB Director General Mr Abdul-Razaq Badru said the money was collected from 139,259 beneficiaries from formal and informal sectors.
He said the target was to collect at least 40 per cent of the Sh427bn.
According to him 65 per cent of the amount recovered was from public institutions and the remained 35 per cent was from private sector.
"The collections from central government amounted to Sh12bn, local government Sh97bn while public institutions and agencies paid Sh31bn," he said.
According to him, the success is due the cooperation from employers who have been observing the law, which requires the dedication of 15 per cent from the basic salaries of their employees.
