The federal government has launched an interest-free loan scheme, Tertiary Institutions Staff Support Fund (TISSF).
Gatekeepers News reports that the TISSF which is aimed at boosting the welfare, financial stability, and professional growth of staff in tertiary institutions across Nigeria, was unveiled in Abuja by the Minister of Education, Tunji Alausa.
The initiative targets both academic and non-academic staff, providing funds for diverse needs such as medical expenses, housing, transportation (including electric vehicle and CNG conversions), small-scale businesses, agriculture, and academic advancement.
The programme is a collaborative effort between the Federal Ministry of Education, the Tertiary Education Trust Fund (TETFund), and the Bank of Industry (BoI).
It forms part of President Bola Ahmed Tinubu’s Renewed Hope agenda for education, which prioritises human capital development as a driver for sectoral transformation and national economic growth.
Eligibility covers confirmed full-time staff of all federal universities, polytechnics, and colleges of education, as well as one state-owned institution in each category per state, making a total of 248 eligible institutions.
Applicants must have at least five years remaining until retirement and belong to recognised staff unions.
Qualified beneficiaries can access up to ₦10 million, limited to 33.3% of their gross annual salary, with repayment spread over five years and a 12-month grace period.
