DHET Minister Dr. Blade Nzimande has announced that R130.1 billion has been budgeted for Higher Education for the 2022/23 financial year, with an annual average increase of 7.0%.
Normally, the budget is distributed between six programmes, namely, Administration, Planning, Policy and Strategy, University Education, Technical and Vocational Education and Training, Skills Development, and Community Education and Training.
It has been reported that in the previous year, the Sector Education and Training Authority (SETA) had spent more than R883 million placing 9 901 interns, of which 9 096 were young people below the age of 35 years old and 6 455 were females.
For the 2022/23 financial year, the SETAs have placed about 8 539 TVET students at a cost of R393 million. On the other hand, 5 183 university students had been placed in workplaces at the value of R300 million.
According to Nzimande, in 2021 all 21 SETAs had spent R701.9 million in support of missing middle students, as a collective. It has been reported that in 2022, these SETAs will be spending R1 billion on these students.
In a statement, the Minister has confirmed:
Another source of funding is various bursaries and loan schemes that our institutions administer internally within the institutions.
The National Student Financial Aid Scheme (NSFAS) budget for 2022/23 is R49 billion, with R45.9 billion coming from the Department of Higher Education and Training.
This includes cash reprioritized from the Departmental budget to guarantee that the whole gap for NSFAS is met in 2022/23 in order to help students during the 2022 academic year, according to Nzimande.
In the investment of infrastructure projects across the 26 universities, R7.584 billion has been set aside with R2.953 billion going towards student accommodation.