Federal Gov’t Launches Interest-free Loan For Tertiary Institution Workers

The Federal Government has launched the Tertiary Institutions Staff Support Fund (TISSF), an interest-free loan scheme designed to improve the welfare, professional growth, and financial stability of Nigeria’s tertiary institution workforce.

The Minister of Education, Dr. Tunji Alausa, unveiled the initiative in Abuja on Thursday.

He described it as a strategic empowerment platform that would give both academic and non-academic staff the financial support they needed to serve students with renewed dedication and live with dignity.

The minister further explained that TISSF is an integral part of President Bola Tinubu’s Renewed Hope Reform Agenda for the education sector, which prioritises people as the nation’s greatest asset in transforming the education sector and driving economic growth.

According to him, the programme 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 (BoI).

Under the scheme, beneficiaries can access interest-free loans for medical expenses, family and accommodation needs, transportation (including electric vehicles and CNG conversions), small-scale enterprises and agriculture, as well as academic advancement through certifications and capacity-building programmes.

The Minister said; “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.”

Eligibility, he said, covers confirmed full-time staff of all federal universities, polytechnics, and colleges of education, along with one state-owned institution in each category per state, while applicants must have at least five years to retirement and be members of recognised staff unions such as ASUU, NASU, COEASU, and SSANIP. This translates to 248 eligible institutions nationwide.

“Each eligible staff member can access up to N10 million, subject to a cap of 33.3% of their gross annual salary. The loans are interest-free, repayable over five (5) years, with 12 months moratorium before repayment begins,” the Minister added.