By ARCHIBONG ESUENE, Abuja The Federal Government has unveiled a ₦10 million, five-year, interest-free loan programme for staff of federa
By ARCHIBONG ESUENE, Abuja
The Federal Government has unveiled a ₦10 million, five-year, interest-free loan programme for staff of federal universities, polytechnics, colleges of education, and selected state-owned tertiary institutions across Nigeria.
The initiative, known as the Tertiary Institutions Staff Support Fund (TISSF), was launched in Abuja by the Minister of Education, Dr. Tunji Alausa, as part of efforts to boost staff welfare, professional growth, and financial independence in the nation’s higher education sector.
Under the scheme, eligible full-time academic and non-academic staff with at least five years to retirement can access loans for medical needs, transportation, vehicle purchase, small-scale businesses, agriculture, academic advancement, and professional certifications.
The loans, capped at 33.3% of an applicant’s gross annual salary, are repayable over five years with a 12-month grace period.
“This programme is not just a welfare package but a strategic empowerment platform to give our tertiary institution staff the financial stability they need to serve with renewed dedication,” Alausa said. “It is an integral part of President Bola Ahmed Tinubu’s Renewed Hope Reform Agenda for Education.”
Jointly managed by the Federal Ministry of Education, the Tertiary Education Trust Fund (TETFund), and the Bank of Industry (BoI), the scheme targets 248 eligible institutions nationwide. Applicants must be members of recognised staff unions such as ASUU, NASU, COEASU, and SSANIP.
The minister noted that over 70% of tertiary institution staff have not participated in structured capacity-building programmes in the last five years, a gap TISSF aims to close. Applications will be processed online via www.tissf.boi.ng, with an automated, secure, and user-friendly system.
Managing Director of the BoI, Dr. Olasupo Olusi, pledged transparency and speed in disbursing funds. “By supporting staff, we are investing in the foundation of education, youth, and skills development. Disbursements will be on a first-come, first-served basis, free of bureaucracy,” he assured.
Early figures show strong interest in the programme, with 2,474 applications received, 691 completed, 105 schools signed up, and 15 bursars registered on the portal.
According to the Education Ministry, TISSF is expected to improve staff retention, morale, and institutional performance, ultimately benefiting students and strengthening Nigeria’s knowledge economy.
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