FG Rolls Out N10m Interest-Free Loans for University, Polytechnic Staff as Part of Empowerment Drive
- The Nigerian government has launched N10 million interest-free loans for tertiary institutions staff members
- The Minister of Education, Tunji Alausa, disclosed that the programme enables staff of federal, state and polytechnics to access the loan
- He revealed that the loan is repayable over five years with a 12-month grace period for successful applicants
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
On Thursday, August 14, 2025, the Nigerian government launched the Tertiary Institutions Staff Support Fund (TISSF), a welfare and empowerment initiative for federal universities, polytechnics, colleges of education, and selected state-run tertiary institutions.
According to the Minister of Education, Tunji Alausa, the scheme offers interest-free loans of up to N10 million to successful applicants, and it is repayable over five years with a 12-month grace period.
Source: Getty Images
FG releases the loans purpose
He disclosed that the loans would support medical needs, transportation, vehicle purchases, small-scale businesses, agriculture, academic advancement, professional certifications, and capacity-building initiatives.
He said:
“This programme is not just a welfare package. It is a strategic empowerment platform to give our academic and non-academic staff the financial stability they need to serve our students with dedication and live with dignity.”
The minister explained that the scheme is part of the Nigerian government’s renewed hope agenda for education, which places people first.
The scheme is also a joint effort of the Federal Ministry of Education and the Tertiary Education Trust Fund (TEFund), done in partnership with the Bank of Industry (BoI).
Who is eligible?
It targets confirmed full-time academic and non-academic staff with about five years to retirement and membership in recognised unions such as ASUU, NASU, COEASU, and SSANIP.
It also covers all federal tertiary institutions and one state-owned university, and a college of education for every state, bringing it to a total of 248 eligible institutions.
According to a Vanguard report, applications are processed online through www.tissf.boi.ng, with identity verification and certification by BoI.
FG gives N250,000 grants to business owners
Experts have hailed the move as a plan by the Nigerian government to douse the tension among tertiary institution staff who always complain of being underpaid.
Amid the TISSF scheme, the Nigerian government also unveiled the Federal Government’s state-of-the-art information, communication and technology centre for Micro, Small and Medium Enterprises (MESME) in Cross River state.
This is part of the current administration’s drive to empower entrepreneurs with tools and skills for work.
Other federal government intervention schemes
The unveiling also coincided with the 8th Expanded National MSME Clinics, which brought together federal government agencies, such as CAC, NAFDAC, BOI, and SMEDAN, to tackle business owners’ challenges on-site.
Source: Getty Images
According to MSME Africa, the Vice President disclosed that each outstanding MSME at the unveiling will get an unconditional N250,000 grant, saying that the fund is not a loan but a gift to accelerate their journey.
Shettima also outlined other interventions, such as N75 billion MSME Intervention fund through the Bank of Industry, N50 billion Presidential Conditional Grant Scheme for one million nano businesses, N75 billion manufacturers’ fund, with each manufacturer getting up to N1 billion at low interest.
FG opens phase 2 of CEDF to Nigerians
Legit.ng earlier reported that the Nigerian government has begun phase 2 of the Creative Economy Development Fund (CEDF) to offer large-scale investment of up to $100,000 for creative persons and businesses.
The fund is a critical national investment scheme to boost the creative sector and recognises its potential as a driver of economic growth and cultural diplomacy.
According to reports, the Federal Ministry of Arts, Culture, Tourism, and Creative Economy announced the rollout of the CEDF, a landmark scheme to empower businesses and individuals in the creative space.
Source: Legit.ng
