FG launches N10 million loan scheme for staff of tertiary institutions

The federal government has launched a new loan initiative that allows both academic and non-academic staff in Nigeria’s universities, polytechnics, and colleges of education to access up to N10 million, aimed at enhancing their welfare and professional growth.

The initiative, named the Tertiary Institution Staff Support Fund (TISSF), was revealed by the Minister of Education, Dr Tunji Alausa, through a statement released on Sunday by the ministry’s Director of Press and Public Relations, Mrs Folasade Boriowo, and reported by the News Agency of Nigeria (NAN).

Alausa clarified that the objective of the fund is to foster financial stability, improve the quality of life, and assist in the career progression of staff within the education sector. Under the scheme, loans will be limited to 33.3% of an applicant’s gross annual salary and can be used to cover transport, healthcare expenses, or small-scale businesses such as poultry farming.

“The Federal Government has introduced the Tertiary Institution Staff Support Fund (TISSF), to enhance the welfare and professional development of workers in universities, polytechnics, and colleges of education.”

“Mrs Folasade Boriowo, Director, Press and Public Relations in the Federal Ministry of Education, disclosed this in a statement made available to newsmen in Abuja on Sunday. Boriowo said the Minister of Education, Dr Tunji Alausa, who announced the initiative, explained that both academic and non-academic staff members in tertiary institutions would benefit from the fund,” the NAN report read in part.

It added, “According to him, each academic and non-academic staff member is eligible to receive up to N10 million, capped at 33.3% of their gross annual salary.”

The programme will be administered in collaboration with the Bank of Industry (BOI), which will handle the disbursement process to ensure transparency, accountability, and the effective implementation of the loan scheme.

The TISSF represents a key component of the current administration’s broader strategy to reform and revitalise Nigeria’s tertiary education system by improving staff welfare, building a stronger support infrastructure, and enhancing their capacity to contribute meaningfully to institutional development.

This intervention also comes amid longstanding demands from academic unions such as ASUU and other university staff associations concerning unresolved matters like earned academic allowances and the funding of public tertiary institutions.

In April 2025, the federal government released N50 billion to settle outstanding earned allowances for academic and non-academic staff in federal universities, reaffirming its commitment to prioritising education.