FG Unveils ₦10m Interest-Free Loan Scheme for Tertiary Institution Staff

The Federal Government has launched the Tertiary Institution Staff Support Fund (TISSF), an interest-free loan scheme offering up to ₦10 million to academic and non-academic staff of tertiary institutions.

The initiative, unveiled on Thursday, is part of the National Education Sector Renewal Implementation (NESRI) plan and is being implemented by the Ministry of Education and TETFund in partnership with the Bank of Industry (BoI).
Minister of Education, Dr. Tunji Alausa, said the programme aims to boost staff welfare, enhance productivity, and support professional growth.

The facility will be available to confirmed full-time staff of federal universities, polytechnics, and colleges of education, as well as one state-owned institution per category in each state.

Loans are capped at 33.3% of gross annual salary and come with a five-year repayment period, including a one-year moratorium. Beneficiaries may use the funds for medical expenses, housing, transportation, small-scale enterprises, agriculture, or professional training.
Applications are open through the portals tissf.education.gov.ng and tissf.boi.ng, with processing on a first-come, first-served basis.

The Bank of Industry will oversee verification and disbursement.
Presidential spokesman Sunday Dare described the scheme as a key component of President Bola Tinubu’s Renewed Hope Agenda in education, complementing the Nigeria Education Loan Fund for students.