Although Zimbabwe has no money, with its economy running amok with inflation, it still wants to build a university in honour of its lifetime leader, Robert Mugabe.

The university will cost $1 billion.

The higher education minister, Jonathan Moyo said on Wednesday that the proposed Robert Gabriel Mugabe University would focus on science and technology and have an institute focusing on research and "transformative and revolutionary leadership."

ALSO READ: FG PREPARES TO ESTABLISH 'SPECIAL' UNIVERSITY 

"Cabinet has approved a grant of $800 million towards the construction of the Robert Gabriel Mugabe University and a grant of $200 million towards the University Endowment Fund for research and innovation," Moyo said.

Mugabe and his wife Grace are the founding trustees of the university that would be built outside the capital Harare.

While Mugabe's rule was promising at independence in 1980, the ageing leader has been accused of wrecking the economy of the former breadbasket of the region through populist policies such as the seizure of white-owned farms.

But not everybody is swallowing this hook, line and sinker.

Zimbabwe’s main opposition Movement for Democratic Change (MDC), is criticising the plan, saying that Mugabe's government should instead improve existing underfunded universities around the country, instead of building a new one.

WATCH: WHAT BUHARI AND MUGABE HAVE IN COMMON