Nigerian Government Launches ₦10 Million Loan Scheme For Tertiary Institution Staff.
The Federal Government of Nigeria has unveiled the Tertiary Institution Staff Support Fund (TISSF), a groundbreaking loan scheme offering up to ₦10 million to academic and non-academic staff of universities, polytechnics, and colleges of education. The initiative, announced on Sunday, aims to enhance welfare, promote financial stability, and support career development across the nation’s tertiary education sector.
The Minister of Education, Dr Tunji Alausa, introduced the scheme during a high-level stakeholder engagement in Abuja, highlighting its alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda. Eligible staff can access loans capped at 33.3% of their gross annual salary, which can be used for transportation, medical expenses, or micro-enterprise ventures such as poultry farming. The programme, managed in partnership with the Bank of Industry, ensures transparency and accountability in the disbursement process.
Mrs Folasade Boriowo, Director of Press and Public Relations at the Federal Ministry of Education, stated that the initiative reflects the government’s commitment to strengthening Nigeria’s tertiary education system. The scheme was developed through extensive consultations with staff unions, institutional leaders, and other stakeholders, ensuring it addresses the practical needs of workers.
The TISSF has been widely welcomed, with stakeholders praising its potential to alleviate financial pressures and foster professional growth. The Minister of State for Education, Professor Suwaiba Sa’id Ahmad, noted that the scheme is a significant step towards improving the quality of life for tertiary institution staff, who play a critical role in shaping Nigeria’s future.
As the government rolls out this welfare-focused programme, it is expected to set a precedent for further reforms aimed at bolstering the education sector and supporting its workforce.