FG offers interest-free loans up to ₦10M to tertiary school staff to boost welfare

The Federal Government has launched the Tertiary Institution Staff Support Fund (TISSF), a strategic welfare and empowerment initiative offering academic and non-academic staff of Nigerian tertiary institutions interest-free loans of up to N 10 million.

The scheme, inaugurated on Thursday by Tunji Alausa, Minister of Education, is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda for Education, designed to enhance staff welfare, support professional development, and promote financial independence across universities, polytechnics, and colleges of education.

The TISSF offers a maximum loan repayment period of five years with a one-year moratorium, enabling beneficiaries to fund needs such as transportation, small-scale agribusiness, medical expenses, family support, accommodation, and academic advancement.

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

He added that the fund was developed in partnership with the Tertiary Education Trust Fund (TETFund) and the Bank of Industry, and is an integral part of the National Education Sector Renewal Implementation (NESRI) framework.

According to the minister, over 70% of tertiary institution staff in Nigeria have not participated in structured capacity-building programmes in the past five years, a gap the TISSF seeks to close.

The application portal http://tissf.education.gov.ng, opened on Thursday, with the government assuring transparent implementation through robust monitoring mechanisms.

Alausa described the initiative as another testament to President Tinubu’s “progressive investment in education” and likened it to the Nigeria Education Loan Fund (NELFUND), which has already recorded significant success.

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

“It is an integral part of President Bola Ahmed Tinubu’s Renewed Hope Reform Agenda for Education, which places people, our greatest asset, at the centre of transforming our education sector and growing our economy.

“The TISSF is a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry. It is a 0% interest loan scheme aimed at enhancing welfare, supporting career development, and promoting financial independence for staff in Nigerian tertiary institutions .Nigerian art and crafts

“The fund responds to the economic pressures and professional development gaps faced by our staff. Studies show that over 70% of tertiary institution staff in Nigeria have not participated in structured capacity-building programmes in the last five years. TISSF is here to change that,” the minister said

Source: Businessday.ng | Read Full Story…