Education

Federal Government Launches ₦10 Million Loan Scheme for Tertiary Education Staff

Published by admin on July 28th, 2025.

Federal Government Launches ₦10 Million Loan Scheme for Tertiary Education Staff

The Federal Government has introduced a new financial assistance initiative aimed at improving the welfare and professional development of staff in Nigeria’s tertiary institutions. Known as the Tertiary Institution Staff Support Fund (TISSF), the scheme offers loans of up to ₦10 million to eligible academic and non-academic staff across universities, polytechnics, and colleges of education.

The launch was announced during a stakeholder engagement forum held in Abuja. According to a statement released by Folasade Boriowo, Director of Press and Public Relations at the Federal Ministry of Education, the program is structured to foster financial stability, support career advancement, and uplift the overall quality of life for staff in the sector.

Under the terms of the scheme, individual beneficiaries may access funds amounting to a maximum of 33.3% of their gross annual salary. The loan can be used for various needs such as transportation, healthcare, or small business ventures like poultry farming.

Education Minister Dr. Maruf Alausa emphasized the program’s alignment with President Bola Tinubu’s Renewed Hope Agenda, noting that the TISSF is designed not only to improve welfare but also to empower the education workforce.

“This initiative goes beyond financial aid—it’s about providing the support system needed for our educators to thrive personally and professionally,” Dr. Alausa said.

The implementation of TISSF will be managed in collaboration with the Bank of Industry, ensuring transparent and accountable disbursement of funds. High-profile stakeholders including vice chancellors, rectors, provosts, and officials from TETFund and the presidency expressed strong backing for the initiative, describing it as a strategic move to enhance morale and efficiency within the education system.

The Ministry reaffirmed its commitment to working hand-in-hand with all relevant partners to ensure the effective execution of the fund, ultimately aiming to create a more motivated and resilient workforce in the nation’s tertiary education sector.