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Review needed for PTPTN collection as arrears now over RM10 bil: auditor-general report | Scoop
The Auditor-General's Report 1/2025 has recommended that PTPTN review its load repayment collection mechanism and increase loan management monitoring. – Scoop file pic, February 24, 2025
News

Review needed for PTPTN collection as arrears now over RM10 bil: auditor-general report

Auditor-general says overdue education loan repayments show increase from 2019 to 2023, involving 1.2 mil borrowers in total

Bernama
Updated
1:18 PM MYT

 

KUALA LUMPUR – The National Higher Education Fund Corporation (PTPTN) needs to review the education loan repayment collection mechanism and increase monitoring of the agency’s education loan management.   

The Auditor-General’s Report (LKAN) 1/2025 on the Financial Statements of Federal Agencies for 2023 stated that as of December 31, 2023, arrears in PTPTN loan repayment amounted to RM10.853 billion involving 1.20 million borrowers. 

“Overdue education loan repayments also show an increase from 2019 to 2023,” said Auditor-General Datuk Seri Wan Suraya Wan Mohd Radzi in a statement following the tabling of the Auditor-General’s Report 1/2025 in the Dewan Rakyat today. 

Regarding the implementation of the management of the Fundamental Research Fund (DPF) by five Research Universities, Wan Suraya said it required periodical monitoring to ensure projects are carried out according to plan and achieve the set Key Performance Indicator (KPI). 

The audit report shows that the progress of the DPF research project is at a less than satisfactory level (53.9%). Only 11.3% of projects implemented are at a good level while 7.3% are categorised as problematic,” she said. 

Touching on the concern of the Solid Waste Management and Public Cleaning Corporation (SWCorp regarding its financial position as of December 31, 2023, she said SWCorp’s ability to cover operational costs and financial commitments in the future depends on additional financial assistance from the Federal government. 

She said the problems of PTPTN, DPF and SWCorp are included in the Main Focus of the Audit which is one of the three focus issues of LKAN 1/2025, in addition to the issue of Financial Statement Verification and Financial Statement Analysis. 

The Auditor General through the LKAN also submitted 10 recommendations for improvements to federal agencies. 

They include proactive actions to improve the agency’s internal control and improve the financial system in line with the requirements of the accounting standards adopted to ensure accurate financial reporting and effective financial governance management. 

Wan Suraya said it was to ensure the ability of federal agencies to continue operations based on continuous efforts and to reduce liabilities like financial commitments as well as dependence on the government.  

Another recommendation is to review the direction and business plan of the subsidiary company that suffered losses and did not provide proper returns. 

Federal agencies are also recommended to pay serious attention to several issues, including closing down subsidiary companies with dormant or inactive status for more than five years. 

The LKAN 1/2025 on the Financial Statements of Federal Agencies in 2023 can be uploaded on the National Audit Department’s website after it has been tabled to the Dewan Rakyat and the public can browse it at http://lkan.audit.gov.my. 

Any inquiries and views on the report can be addressed to jbaudit@audit.gov.my. – February 24, 2025

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