Despite of the free education policy for basic education, education funding for the youth development begin at the family level, according to the chief executive officer (CEO) of the Mwalimu Commercial Bank (MCB), Mr Richard Makungwa.
Mr Makungwa said this Thursday, September 19, at the fifth edition of Mwananchi Thought Leadership Forum (MTLF), in collaboration of ITV/Radio One, the Ministry of Education, Science and Technology, and the United Nation Education Science and Cultural Organization (UNESCO).
Mr Makungwa said families should not depend so much on the government instead they should also invest in their children’s education.
According to him, the government would remain the main funding organ of education in the country, yet it still carries a huge burden of funding in other sectors such as health, agriculture plus other social services.
"Money is always a scarce resource, the government cannot afford to fund everything. Families should play their role, despite the fact that the country’s education system is free," he said.
He said the government was funding education in the areas of human resources, syllabus development, and preparation and monitoring of laws and policies as well as infrastructures development.
"The question remains where the government sourced funds for education and other sectors with a number of challenges?" he quarried.
He added that other sources of funds is sponsorships, scholarships, banks and individuals.