⚡ BOOM 🔥🔥FG LAUNCH ZERO- INTEREST LOAN PROGRAM FOR TERTIARY INSTITUTION STAFF.

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                       1 minutes read ⏱️ 10:53am


By Hola ⚡ 

The Federal Government has officially launched the Tertiary Institutions Staff Support Fund (TISSF)—an interest-free loan scheme designed to improve the welfare, career development, and financial security of both academic and non-academic staff in Nigerian tertiary institutions.

The Minister of Education, Dr. Tunji Alausa, introduced the initiative in Abuja, revealing that qualified staff can access loans of up to ₦10 million, capped at 33.3% of their gross annual salary. The loan comes with a five-year repayment term and a one-year grace period before repayments begin.

TISSF is a key component of President Bola Tinubu’s Renewed Hope Reform Agenda for education. It is a collaborative effort between the Federal Ministry of Education, the Tertiary Education Trust Fund (TETFund), and the Bank of Industry (BoI), which will oversee its implementation.

The loan can be used for various purposes, including medical bills, housing, transportation (such as electric vehicles and CNG conversions), small businesses, agriculture, and academic advancement through certifications or training.

Eligibility is limited to confirmed full-time staff of federal universities, polytechnics, and colleges of education, plus one state-owned institution in each category per state. Applicants must have a minimum of five years until retirement and must belong to recognised unions like ASUU, NASU, SSANU, and COEASU.

As of Thursday morning—prior to the official rollout—the portal had already seen 2,474 applications, with *691 completed and 105 institutions registered. In addition, 15 bursars had set up profiles.

BoI Managing Director, Dr. Olasupo Olusi, assured that the fund would be managed with transparency, efficiency, and minimal red tape. Disbursement will follow a first-come, first-served model, with all applications to be submitted online via www.tissf.boi.ng

Dr. Alausa described TISSF not just as a financial initiative but as a transformative workforce tool, aimed at boosting staff morale, improving retention, and enhancing institutional performance and student success.


© Hola ⚡

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