The Federal Government has begun disbursing ₦10 million interest-free loans to staff of universities, polytechnics, and colleges of education under the Tertiary Institutions Staff Support Fund (TISSF).
Speaking at the launch ceremony at the Federal University of Technology, Akure (FUTA), the Minister of Education, Dr. Tunji Alausa, described the initiative as a key part of President Bola Tinubu's Renewed Hope Agenda aimed at boosting staff welfare and productivity in tertiary institutions.
Dr. Alausa explained that the scheme offers zero-interest loans of up to ₦10 million—capped at one-third of an applicant's annual gross salary—to support housing, healthcare, transport, and small business ventures. He revealed that over 9,000 academic and non-academic staff across 219 institutions have received offer letters, with more than 400 already credited.
He noted that the Fund, developed within four months under the Nigerian Education Sector Renewal Initiative (NESRI), underscores the government's commitment to turning policy into measurable impact. He urged beneficiaries to ensure timely repayment to sustain the revolving scheme.
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Minister of State for Education, Professor Suwaiba Sa'id Ahmad, hailed the initiative as a transformative step toward stabilising the education system and motivating personnel. She commended the Bank of Industry and other partners for supporting its implementation.
FUTA Vice-Chancellor, Professor Adenike Temidayo Oladiji, applauded the government's "visionary and timely" intervention, noting that it would strengthen institutional capacity and staff morale.
A beneficiary, Mrs. Bola Ajayi, expressed gratitude to President Tinubu and the Ministry for prioritising educators' welfare, calling the support "a profound gesture of renewed hope."
