The Federal Government has launched an interest-free loan scheme for staff of tertiary institutions to enhance their welfare and productivity across the country.
The initiative, known as the Tertiary Institution Staff Loan Scheme Fund (TISSF), was formally presented to beneficiaries at the Federal University of Technology, Akure (FUTA), on Wednesday.
Speaking at the event, the Minister of Education, Dr. Tunji Alausa, said the scheme would provide loans of up to ₦10 million to both academic and non-academic staff, describing it as a major step towards improving morale and living standards in the education sector. He said the initiative aligns with President Bola Tinubu’s directive to prioritise staff welfare in tertiary institutions.
“We had over 33,000 applicants for the interest-free loan of up to ₦10 million, and about 9,000 have already been approved,” Alausa announced.
“Their funds are being deposited directly into their bank accounts. For the first 24 months, beneficiaries won’t pay back the principal, and repayment will span five to seven years.”
He added that 30 per cent of the approved beneficiaries were academic staff while 70 per cent were non-academic, reflecting the workforce composition across universities, polytechnics, and colleges.
Alausa urged staff unions not to view the initiative as a substitute for collective bargaining but as a complementary welfare intervention.
“Some ASUU members are saying they don’t want TISSF because it’s not part of their demands,” he said.
“But this is an added layer of support, not a substitute for our ongoing efforts to improve staff welfare.”
The Minister of State for Education, Prof. SuwaibaAhmad, described TISSF as proof of the government’s commitment to strengthening the foundation of tertiary education.
“Without motivated staff, effective teaching and learning become difficult,” she said. “Lecturers, researchers, technologists, and administrators are the backbone of our institutions. TISSF is a shared responsibility and a tool for sustainable educational development.”
She commended stakeholders for supporting the scheme and urged beneficiaries to use the funds responsibly, assuring that the ministry would ensure transparency and accountability in its management.
The TISSF is expected to improve living conditions, encourage staff retention, and stimulate innovation across Nigeria’s higher education system.
