PHOTO | JEFF ANGOTEThe University of Nairobi has refuted the Auditor General’s report that the institution is in a cash crisis. The Auditor general Edward Ouko had stated in his report that the institution was surviving on commercial bank overdrafts. But the institution in a statement on Thursday said it was not in a financial crisis but was experiencing cash flow challenges that it said are “emanating from delayed exchequer issues.”“Negotiation for an overdraft facility is a normal and regular financial practice to deal with urgent cash flow requirements to meet financial obligations and not necessarily an indication of a financial crisis,” stated the institution. “UoN is compliant and upto date with respect to remission of statutory deductions to KRA, NSSF, Pension schemes, HELB, SACCOs etc,” read the varsity’s statement. In its statement the university said that “UoN fairs favourably in the National cohesion and Integration commission latest survey report on the practise of ethnicity in public institutions.”

Source: Daily Nation January 26, 2017 14:03 UTC