FG launches ₦10m interest-free loan scheme for Tertiary Institution staff

The Federal Government has introduced the Tertiary Institutions Staff Support Fund (TISSF), a major welfare and empowerment initiative for academic and non-academic staff in Nigeria’s tertiary institutions.

Announcing the scheme on Friday, Minister of Education, Dr. Maruf Tunji Alausa, described it as part of President Bola Tinubu’s Renewed Hope Reform Agenda for Education, aimed at improving staff welfare, career development, and financial independence.

“This is not just a welfare package; it is a strategic empowerment platform to give our academic and non-academic staff the financial stability they need to serve students with renewed dedication and live with dignity and pride,” Alausa stated.

The TISSF, a collaboration between the Ministry of Education, Tertiary Education Trust Fund (TETFund), and the Bank of Industry, offers a free, 0% interest loan of up to ₦10 million (capped at 33.3% of gross annual salary), repayable after five years, with a 12-month grace period before repayment starts.

The fund will cover medical expenses, family and accommodation needs, transportation (including electric vehicles and CNG conversions), small-scale business ventures in agriculture, and academic advancement such as professional certifications and degree programmes.

Eligibility is open to confirmed full-time staff of federal universities, polytechnics, and colleges of education, as well as one state-owned tertiary institution in each state, provided they have at least five years before retirement and are members of recognised staff associations like ASUU, SSANU, and NASU.

Applications are to be submitted via https://tissf.education.gov.ng.