President Jacob Zuma has paid R7.8 million for the upgrades to his Nkandla homestead through a home loan.
According to News24, presidential spokesperson Bongani Ngqulunga said the president paid over R7.8 million to the South African Reserve Bank as ordered by the Constitutional Court.
“The President raised the amount through a home loan obtained from VBS Mutual Bank on its standard terms, one of the few financial institutions which offer home loans in respect of land owned by traditional authorities,” said Ngqulunga.
In its judgement on 31 March 2016, the Constitutional Court ordered Treasury to determine a “reasonable amount” that Zuma should repay for upgrades to Nkandla.
“As a consequence, the reasonable percentage of the estimated costs of the five measures that the President would have to pay personally would be 87.94%. This percentage corresponds to R7,814,155 as at June 2009,” stated the ruling.