Zuma pays back the money
President Jacob Zuma has paid R7.8 million to the Reserve Bank for the non-security upgrades to his private home in Nkandla, KwaZulu Natal.
The Presidency released a statement on Monday, saying he obtained the money through a home loan from VBS Mutual Bank.
"President Zuma has paid over the amount of R7 814 155.00 to the South African Reserve Bank as ordered by the Constitutional Court of South Africa in respect of his private homestead at Nkandla," it said.
According to the presidency, 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.
National Treasury determined in June that the President should repay the amount after an order by the Constitutional Court, which found that Zuma unduly benefitted from the upgrades which include a swimming pool, amphitheatre and a kraal.
"National Treasury can confirm that the money has deposited to the National Revenue Fund," Treasury's Yolisa Tyantsi said.