A minister says Zimbabwe's Cabinet has approved spending at least $1 billion to create a university in honor of President Robert Mugabe. The amount represents about a quarter of the country's $4.1 billion budget.

Higher education minister Jonathan Moyo told reporters Wednesday that a foundation owned by the 93-year-old Mugabe and his wife will be in charge of the university.

The project has been planned for years, but Moyo says the first lady has pushed for its completion.

Mugabe has ruled the once-prosperous southern African nation since 1980 and is already campaigning for next year's elections, despite growing concerns about his health.

Zimbabwe is currently deep in economic crisis.

About $800 million will be spent on the university's construction and $200 million put toward an endowment for research and innovation.