FG unveils interest-free loan scheme for tertiary institution staff

The federal government has launched an interest-free loan scheme aimed at providing financial relief and professional development opportunities for staff in tertiary institutions across the country. The initiative, known as the Tertiary Institutions Staff Support Fund (TISSF), was unveiled in Abuja on Thursday by the Minister of Education, Dr. Tunji Alausa. Speaking at the launch, […]

The federal government has launched an interest-free loan scheme aimed at providing financial relief and professional development opportunities for staff in tertiary institutions across the country.

The initiative, known as the Tertiary Institutions Staff Support Fund (TISSF), was unveiled in Abuja on Thursday by the Minister of Education, Dr. Tunji Alausa.

Speaking at the launch, Alausa described the scheme as “a strategic platform to empower both academic and non-academic staff.”

According to the minister, the programme is a collaborative effort between the Federal Ministry of Education, the Tertiary Education Trust Fund (TETFund), and the Bank of Industry (BoI).

• We’re not criminals, demolition victims tell FCTA
• IPI condemns Israel’s killing of Al Jazeera journalists

Alausa explained that the fund is designed to support various needs, including medical expenses, housing, transportation, such as electric vehicle and CNG conversions, small-scale businesses, agriculture, and academic advancement.

Eligibility for the scheme is open to confirmed full-time staff of all federal universities, polytechnics, and colleges of education.

In addition, one state-owned institution from each category per state will also benefit, bringing the total number of eligible institutions to 248.

To qualify, applicants must have at least five years remaining until retirement and be members of recognised staff unions.

Each eligible staff member can access up to N10 million, capped at 33.3 per cent of their gross annual salary. The loans are interest-free and will be repaid over a period of five years, with a 12-month grace period before repayments commence.