FG Unveils N10m Interest-Free Loan Scheme for Staff in Tertiary Institutions
The Federal Government has unveiled a ₦10 million Tertiary Institutions Staff Support Fund (TISSF), designed to improve the welfare, career development, and financial stability of academic and non-academic staff in tertiary institutions.
The scheme, unveiled by the Minister of Education, Dr Tunji Alausa in Abuja on Thursday, is an interest-free loan. The TISSF is a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry.
Alausa said the scheme was an intergral part of President Bola Tinubu’s Renewed Hope Reform Agenda for Education, which placed people at the centre of transforming the education sector and growing the economy. “This programme is not just a welfare package.
“It is a strategic empowerment platform, designed to give our academic and non-academic staff the financial stability they need to serve our students with renewed dedication, and to live with dignity and pride.
“It is a zero per cent interest loan scheme aimed at enhancing welfare, supporting career development, and promoting financial independence for staff in Nigerian tertiary institutions,” he said
Alausa added that the scheme was put in place to address economic pressures and professional development gaps among tertiary staff.
He stated that studies had shown that over 70 per cent of tertiary institution staff in Nigeria had not participated in structured capacity-building programmes in the last five years.
He stated that TISSF aimed to change the situation, saying ‘’through the TISSF, beneficiaries will have access to finances for Medical Support like surgeries, emergency care, and medication.’’
According to him, there will be family and accommodation support such as rent, home ownership, renovation. The minister also explained that beneficiaries would have access to transportation which included vehicle purchase (including EVs), bikes, tricycles, CNG conversions.
Other areas of intervention with the scheme include Small-Scale Enterprise and Agriculture in poultry, fishing, crop farming, and agro-processing.
Alausa added that academic advancement in the areas of professional certifications, degrees, and capacity-building programmes would be included in the scheme.
“The TISSF is open to confirmed full-time academic and non-academic staff of any federal university, polytechnic, or college of education and one state university, polytechnic, and college of education in each state.
” Applicants, who must have at least five years to retirement, membership of relevant staff associations such as ASUU, NASU, COEASU, and SSANIP are required.’’
The minister said that the development had translated to 248 eligible institutions nationwide, covering all federal tertiary institutions and selected state-owned ones.
He added that each eligible staff member could access up to ₦10 million, subject to a cap of 33.3 per cent of their gross annual salary.
He noted that the interest-free loans would be repayable over five years, with 12 months moratorium before repayment begins and invited the eligible to commence application for the programme.
Alausa explained that the applications would be processed through an easy-to-use online platform, www.tissf.boi.ng., He urged the staff to fill out the form, undergo identity verification, and have their requests vetted by the Bank of Industry.
“The opportunity is here to improve your welfare, advance your career, and strengthen our institutions. ‘’Let us seize this moment for our personal growth, for the stability of our institutions, and for the future of Nigeria’s education sector,” Alausa said.
Also speaking, the Managing Director, Bank of Industry, Dr Olasupo Olusi, said the process had been fully automated, assuring transparency in the implementation.
The Chairman, House committee on University Education, Abubakar Fulata, while commending the government for the programme, decried the low standard of living of university staff. Fulata recommended a minimum of N1million as salary for a graduate staff in the tertiary institutions.
The representative of the non-academic staff union, Abubakar Aliyu pledged support for the initiative. Aliyu, however, called on the federal government to pay all outstanding arrears as the payments would enable the staff to repay the loan.
The Chairman of Committee of Vice Chancellors of Federal Universities, Prof. Tanko Ishaya, also pledged support for the initiative and called for its continuity. #FG Unveils N10m Interest-Free Loan Scheme for Staff in Tertiary Institutions#
