FG launches N10m interest-free loan for tertiary institution workers

The Federal Government on Thursday officially unveiled Tertiary Institutions Staff Support Fund (TISSF), an interest-free loan scheme designed to improve the welfare, professional growth, and financial stability of Nigeria’s tertiary institution workforce.

The Minister of Education, Dr. Tunji Alausa, launched formally launched the scheme in Abuja to commence disbursement of loans to eligible applications.

He explained that each eligible staff member could access up to N10 million, subject to a cap of 33.3 per cent of their gross annual salary, noting the the loans are interest-free, repayable over five (5) years, with 12 months moratorium before repayment begins.

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The TISSF dashboard on Thursday even before the formal unveiling indicated that 2,474 applications have been recorded on the portal, with 691 completed applications. 105 schools have also signed up, while 15 bursars have also created profiles on the dashboard.

He described it as a strategic empowerment platform that would give both academic and non-academic staff the financial support they needed to serve students with renewed dedication and live with dignity.

The minister further explained that TISSF is an integral part of President Bola Tinubu’s Renewed Hope Reform Agenda for the education sector, which prioritises people as the nation’s greatest asset in transforming the education sector and driving economic growth.

According to him, the programme 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 (BoI).

Under the scheme, beneficiaries can access interest-free loans for medical expenses, family and accommodation needs, transportation (including electric vehicles and CNG conversions), small-scale enterprises and agriculture, as well as academic advancement through certifications and capacity-building programmes.

On eligibility, Alausa said, covers confirmed full-time staff of all federal universities, polytechnics, and colleges of education, along with one state-owned institution in each category per state, while applicants must have at least five years to retirement and be members of recognised staff unions such as Academic Staff Union of Universities (ASUU), Non-Academic Staff Union of Universities (NASU), College of Education Academic Staff Union (COEASU), and Senior Staff Association of Nigerian Universities (SSANU.

“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

“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.

“This translates to 248 eligible institutions nationwide, covering all federal tertiary institutions and selected state-owned ones. Each eligible staff member can access up to N10 million, subject to a cap of 33.3% of their gross annual salary. The loans are interest-free, repayable over five years, with 12 months moratorium before repayment begins.”

He added: “Applications will be processed through an easy-to-use online platform, www.tissf.boi.ng, where staff can fill out a simple form, undergo identity verification and have their requests vetted by the Bank of Industry.

“I am pleased to announce that the portal is officially open from today, and a live demonstration has just been shown to us, confirming that the application process is simple, secure and efficient.

“TISSF is more than a financial product; it is a workforce transformation tool. By easing financial burdens, we expect improvement in staff retention, boost in morale and enhanced institutional performance and better student outcomes.

“By empowering our staff to meet personal and professional needs without crippling financial strain, we are indirectly securing the future of our students and the nation’s knowledge economy.

Managing Director of the Bank of Industry, Dr Olasupo Olusi, said, by supporting tertiary education staff, the government is directly investing in the very foundation of education, youth and skills growth and development.

He said: “Today’s event represents our shared commitment to the advancement of academic and non-academic staff of our tertiary institutions. These are the individuals working for institutions, running inspired education of children and drive innovation and knowledge creation.

“They shape future leaders not only through teaching and administration, but also through the values skills and guidance they provide every day. By supporting them, we are directly investing in the very foundation of education, youth and skills growth and development.

“There is a famous saying that if you want to build a strong nation, you have to start by investing in its education sector. The Bank of Industry is proud to stand as a partner with the Federal Ministry of Education, TETFund and other key stakeholders to make this program a success.

“We have been entrusted with managing the funds for the program, overseeing the processing, disbursements and the collection of loans granted under it. This is a responsibility we will carry with the highest sense of duty, ensuring the right people receive support at the right time for maximum impact.

“I want to reassure everyone that the Bank of Industry is committed to delivering this programme with integrity, transparency and speed. The process will be fully automated as the coordinator said earlier.

“Disbursement will be on first come, first serve basis and all applications will follow the acceptable criteria agreed with the Federal Ministry of Education. Above all, it will be simple, free of bureaucracy and accessible so that beneficiaries can receive support quickly and confidently.”

NIGERIAN TRIBUNE