Apply: FG Rolls Out Interest-Free Loan Scheme for Tertiary Institution Staff
- The Federal Government has launched an interest-free loan scheme for academic and non-academic staff of tertiary institutions in Nigeria
- The Tertiary Institutions Staff Support Fund (TISSF) offers up to N10 million for housing, medical needs, transport, small businesses, and professional training
- The initiative targets 248 institutions nationwide and aims to improve staff welfare, retention, and institutional performance
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The Federal Government has introduced a new financial intervention for workers in Nigeria’s tertiary institutions through the launch of the Tertiary Institutions Staff Support Fund (TISSF).
The initiative is designed to provide interest-free loans that will improve the welfare, professional capacity, and overall financial stability of both academic and non-academic staff across eligible institutions.
Source: Twitter
FG unveils new financial intervention programme
Unveiled in Abuja on Thursday by the Minister of Education, Dr. Tunji Alausa, the scheme is described as a targeted empowerment plan to help staff serve with renewed commitment while maintaining a decent standard of living.
He explained that the programme is part of President Bola Tinubu’s Renewed Hope Reform Agenda for education, which positions human capital as central to transforming the sector and stimulating economic growth.
The TISSF is a collaboration between the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), with implementation support from the Bank of Industry.
It will provide interest-free loans for purposes such as medical bills, housing, transportation (including electric vehicles and CNG conversions), family needs, small-scale businesses, agriculture, and professional development through certifications and training programmes.
Dr. Alausa said the scheme is not merely a credit facility but a tool for workforce transformation, with expected outcomes including improved staff morale, better retention rates, and enhanced institutional performance.
FG states eligibility condition for loan scheme
Eligibility extends to confirmed full-time employees of all federal universities, polytechnics, and colleges of education, as well as one state-owned institution in each category per state.
Source: Twitter
Applicants must have at least five years left before retirement and be registered members of recognised staff unions such as ASUU, NASU, COEASU, and SSANIP. This eligibility framework covers a total of 248 institutions nationwide.
Each qualified staff member can access up to N10 million, subject to a limit of one-third of their annual gross salary. The loans are repayable over five years and will come with a one-year grace period before repayment begins.
The interest-free nature of the facility is expected to ease financial burdens and allow beneficiaries to focus more on their professional duties.
The TISSF marks one of the most significant welfare-focused initiatives in recent years aimed at strengthening Nigeria’s higher education workforce, with the government projecting that the scheme will contribute to improved service delivery in the nation’s tertiary institutions.
FG launches new online portal to provide free loans
Earlier, Legit.ng reported that the Federal Government had officially opened the application portal for YouthCred, a new initiative that provides Nigerian youths, especially NYSC members and young entrepreneurs, access to loans without the usual hurdles of collateral or a long credit history.
The programme, powered by the Nigerian Consumer Credit Corporation (CrediCorp), is part of a broader move to transform Nigeria’s credit culture and financially empower the next generation.
Source: Legit.ng
