FG Unveils N10m Loan Scheme for Tertiary Institution Staff

The Federal Government has launched a new loan initiative aimed at enhancing the welfare and professional development of academic and non-academic staff in Nigeria’s tertiary institutions.

Named the Tertiary Institution Staff Support Fund (TISSF), the scheme will provide loans of up to N10 million to eligible staff members in universities, polytechnics, and colleges of education.

However, each beneficiary’s loan will be capped at 33.3 per cent of their gross annual salary.

According to a statement by the Director of Press at the Federal Ministry of Education, Folasade Boriowo, the fund was unveiled at a high-level stakeholder engagement held on Sunday in Abuja.

Speaking during the launch, the Minister of Education, Dr. Tunji Alausa, said the initiative reflects the administration’s broader efforts to reposition Nigeria’s tertiary education sector.

“TISSF is not just about welfare. It is about empowerment,” Dr. Alausa stated. “We are ensuring that our education workforce is supported to live well, grow professionally, and continue contributing meaningfully to institutional excellence.”

The loans can be used for various purposes, including transportation, medical expenses, and micro-enterprise ventures such as poultry farming.

The programme will be implemented in collaboration with the Bank of Industry (BoI), which will manage loan disbursement to ensure transparency, accountability, and effectiveness.

Also speaking at the event, Minister of State for Education Suwaiba Sa’id Ahmad noted that the initiative was developed through extensive consultations with staff unions, institutional heads, and key stakeholders.

The statement emphasized that a robust monitoring and evaluation system has been built into the framework to track implementation and guarantee the scheme’s long-term success.