Jubilation as FG Begins Payment of N10m Interest-Free Loans to Tertiary Institutions' Staff
- Nigerian lecturers and non-academic staff across tertiary institutions have begun receiving N10 million interest-free loans from the Federal Government
- The National Orientation Agency (NOA) said over 9,000 verified staff received alerts in the first batch of the Tertiary Institutions Staff Support Fund (TISSF)
- The loan scheme offers a 12-month moratorium and five-year repayment plan, with zero interest
FCT, Abuja - The Federal Government has commenced the disbursement of N10 million interest-free loans to academic and non-academic staff under the newly launched Tertiary Institutions Staff Support Fund (TISSF).
The initiative, introduced by the Federal Ministry of Education in partnership with the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BOI), is aimed at improving the welfare and financial stability of personnel in Nigeria’s tertiary education system.
Source: Twitter
According to details released by the National Orientation Agency (NOA) via its official X handle, more than 9,000 beneficiaries have already received credit alerts in the first phase of disbursements.
Under the scheme, eligible staff can access up to N10 million, completely interest-free, with a 12-month moratorium and a five-year repayment window.
NOA said:
"The loans are open to staff of federal universities, polytechnics, and colleges of education, as well as selected state-owned institutions, one university, one polytechnic, and one college of education per state"
"As of the first disbursement phase, more than 9,000 staff members of those tertiary institutions have received payments under the scheme." NOA added.
This represents 28% of the 33,000 verified applicants drawn from about 219 eligible institutions nationwide.
'It'll boost workers' morale - NOA
The NOA described the scheme as a significant boost to the morale of tertiary institution workers, many of whom had been struggling with financial pressures and harsh economic realities.
It added that a total of 248 institutions were cleared for participation, including all federal institutions and the selected state institutions.
Source: Twitter
The initiative is part of the government’s broader strategy to strengthen the education sector, support staff welfare, and reduce financial barriers that hinder productivity.
"More batches of payments are expected in the coming disbursement phases," according to officials.
FG to disburse $2.5Bn YEIDEP fund
Legit.ng earlier reported that the Nigerian Federal Government has announced a new date to begin the disbursement of the $2.5 billion YEIDEP fund.
The news follows a warning from the government against fraudsters who claimed the disbursement had commenced.
The coordinators disclosed that the portal for the disbursement of the fund would open on Monday, October 27, 2025.
FG to boost MSMEs with $500m W/bank loan
Legit.ng earlier reported that the Nigerian government announced plans to strengthen small businesses with a new facility from the World Bank.
The loan, which might be disbursed to MSMEs at a single-digit interest rate, would be via the Development Bank of Nigeria (DBN).
The World Bank reportedly gave its nod for a loan, but analysts were worried over Nigeria’s burgeoning debt profile.
Source: Legit.ng
