Share

Treasury slams excess cash on NSFAS books

The National Student Financial Aid Scheme (NSFAS) had R153.8m more cash left than projected at the end of the 2017/18 financial year, it has emerged.

Speaking to Parliament's Standing Committee on Appropriations (SCOA) on Tuesday, Treasury’s deputy director general Dr Mampho Modise explained that at an entity like NFSAS, excess cash was not always a good thing - and in this case, it meant there were fewer transfers to students than there should have been.

According to the report submitted by Treasury, NSFAS’ cash available at the end of the year came to R3.7bn, which was 4.4% higher than projected.

During the same period, there were lower payments to students. Budgeted transfers and subsidies came in at R10.12bn, but actual transfers amounted to R7.3bn.

Modise said the appointment of an administrator at the entity to deal with the administrative hiccups could help with the scheme's backlogs.

Last week, Higher Education and Training Minister Naledi Pandor announced that Dr Randall Carolissen would be the new administrator. For one year, Carolissen will take over the governance, management and administration of the NSFAS.

Carolissen is currently the Group Executive: Revenue Planning, Analysis and Reporting at the South African Revenue Service (SARS). He is also the Chair of the Council of the University of the Witwatersrand.

Carolissen’s appointment will help fast-track payments to students, Modise added.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.5%
Rand - Pound
23.95
-0.2%
Rand - Euro
20.50
-0.2%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.5%
Platinum
895.30
-0.2%
Palladium
991.47
-1.0%
Gold
2,193.25
-0.1%
Silver
24.44
-0.8%
Brent-ruolie
86.09
-0.2%
Top 40
67,836
+0.2%
All Share
74,046
+0.2%
Resource 10
56,127
+0.8%
Industrial 25
103,468
+0.2%
Financial 15
16,484
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders