FG launches interest-free loan scheme for tertiary institution workers
The Federal Government has officially introduced the Tertiary Institutions Staff Support Fund (TISSF), an interest-free loan initiative aimed at enhancing the welfare, professional development, and financial security of Nigeria’s tertiary institution personnel.
During a press conference in Abuja on Thursday, the Minister of Education, Dr. Tunji Alausa, emphasized the significance of this initiative as a “strategic empowerment platform” that will provide both academic and non-academic staff with the necessary financial support to better serve students and maintain a dignified living.
He further noted, “TISSF is an integral part of President Bola Tinubu’s Renewed Hope Reform Agenda for the education sector, which prioritizes people as the nation’s greatest asset.” This program is a collaborative effort between the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), in partnership with the Bank of Industry (BoI).
Under the new scheme, beneficiaries will have access to interest-free loans for various purposes, including medical expenses, family needs, accommodation, transportation (including electric vehicles and CNG conversions), small-scale enterprises, and agricultural financing, as well as academic advancement through certifications and capacity-building programs.
Dr. Alausa stated, “TISSF is more than a financial product; it is a workforce transformation tool. By easing financial burdens, we expect to improve staff retention, boost morale, and enhance institutional performance for better student outcomes.”
To qualify for the loans, applicants must be confirmed full-time staff at any federal university, polytechnic, or college of education, with one state-owned institution per state also eligible.
Potential beneficiaries must have at least five years until retirement and be members of recognized staff unions, including ASUU, NASU, COEASU, and SSANIP, making a total of 248 eligible institutions nationwide.
Each eligible staff member can access loans up to N10 million, capped at 33.3% of their gross annual salary. The loans are interest-free and must be repaid over five years, with a 12-month moratorium before repayment begins.
Source: LEADERSHIP
