Egerton University Chancellor, Dr Narendra Naval, has promised to make the university self-sustaining after the government reduced financial support to the Njoro- based campus.
Egerton University is undergoing one of its worst financial crises. The institution owes suppliers millions of shillings.
The financial crunch is so deep that some of the university’s property such as land have faced the auctioneer’s hammer.
Speaking during the university’s 41st graduation ceremony at Njoro main Campus on Friday, the chancellor vowed to make drastic changes in the university.
“We have to come up with new income streams since the government reduced its allocations. We do not have self-sponsored students who used to bring in more revenue to sustain the institution.”
Education Cabinet Secretary George Magoha said: “Universities should adapt to changes and strategise on financial stability by increasing revenue and partnerships that will also lead to research funding.”
“They should seek to get creative and innovative ways for resource management,” added Prof Magoha.
During the ceremony, 214 diplomas, 2,445 Bachelors degrees, 65 Masters degrees and 18 PhDs were awarded.
Dr Naval said the problems facing Egerton University were not unique as many public universities were undergoing similar challenges.
He urged all stakeholders to come together to solve the challenges public universities were facing.
“The government is doing its best in the higher education sector, but the money from the Treasury is not enough and as a university, we will do our best to solve the financial crisis,” he said.