Nigeria’s Federal Government has launched a new interest-free loan initiative for university and tertiary institution staff under the Tertiary Institution Staff Loan Scheme Fund (TISSF), designed to ease financial burdens and promote productivity.
The Minister of Education, Dr. Tahir Mamman Alausa, speaking in Akure on Wednesday, said the programme will provide loans of up to ₦10 million to academic and non-academic staff for welfare and development purposes.
At least 9,000 of the 33,000 applicants have already been approved, he disclosed, adding that repayment will begin after two years, spread over five to seven years.
Alausa said the initiative — split between 30% academic and 70% non-academic beneficiaries — aligns with President Bola Tinubu’s directive to prioritise the welfare of educators and institutional workers.
Minister of State for Education, Prof. Suwaiba Ahmad, described TISSF as a strategic investment in human capital, urging beneficiaries to spend responsibly and assuring that transparency will guide the fund’s management.
“Our lecturers, technologists, and administrators are the backbone of our institutions. This fund must uplift those who sustain the heart of our tertiary system,” Ahmad said.
