FG UNVEILS N10M INTEREST-FREE LOAN SCHEME FOR TERTIARY INSTITUTION STAFF
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By Aishat Momoh. O.
The Federal Government has launched the Tertiary Institutions Staff Support Fund (TISSF), offering interest-free loans of up to N10 million to academic and non-academic staff across the country.
Unveiling the scheme in Abuja on Thursday, Minister of Education, Dr. Maruf Olatunji Alausa, said the initiative, developed in collaboration with the Tertiary Education Trust Fund (TETFund) and the Bank of Industry, is part of President Bola Ahmed Tinubu’s Renewed Hope Reform Agenda aimed at improving staff welfare, career growth, and financial stability.
The loan is capped at 33.3% of an applicant’s gross annual salary and can be used for healthcare, housing, transportation, small-scale business, agriculture, or academic advancement. Repayment is spread over five years with a one-year moratorium.
Applications, processed via [https://tissf.education.gov.ng](https://tissf.education.gov.ng), will be handled on a first-come, first-served basis through a transparent, automated system.
Stakeholders including Hon. Abubakar H. Fulata, former Minister of Youth and Sports Sunday Dare, Bank of Industry Managing Director Dr. Olasupo Olusi, and union representatives described the TISSF as a landmark intervention to enhance the welfare of the nation’s tertiary education workforce.
According to the Ministry, 2,474 applications have been received so far, with 691 completed, 105 institutions registered, and 15 bursars onboard. It projects a 24% improvement in staff retention and a 42% boost in morale.
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