FG Unveils Interest-free Loan Portal For Tertiary Institutions Staff
By Alice Etuka, Abuja
The Federal Government has launched a portal for tertiary institutions staff to access interest-free loans designed to improve their welfare, professional growth and financial stability.
Minister of Education, Dr. Tunji Alausa, unveiled the Presidential initiative on Tertiary Institution Staff Support Fund, TISSF in Abuja on Thursday.
Alausa described the initiative as a strategic empowerment platform that would give both academic and non-academic staff the financial support they needed to serve students with renewed dedication and live with dignity.
According to the minister, TISSF was an integral part of President Bola Tinubu’s Renewed Hope Reform Agenda for the education sector, which prioritises people as the nation’s greatest asset in transforming the education sector and driving economic growth.
He added that the programme was a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry (BoI).
Under the scheme, beneficiaries can access interest-free loans for medical expenses, family and accommodation needs, transportation (including electric vehicles and CNG conversions), small-scale enterprises and agriculture, as well as academic advancement through certifications and capacity-building programmes.
The Minister said; “TISSF is more than a financial product; it is a workforce transformation tool. By easing financial burdens, we expect to improve staff retention, boost morale, and enhance institutional performance for better student outcomes.”
Eligibility, he said, covers confirmed full-time staff of all federal universities, polytechnics, and colleges of education, along with one state-owned institution in each category per state, while applicants must have at least five years to retirement and be members of recognised staff unions such as ASUU, NASU, COEASU, and SSANIP. This translates to 248 eligible institutions nationwide.
“Each eligible staff member can access up to N10 million, subject to a cap of 33.3% of their gross annual salary. The loans are interest-free, repayable over five (5) years, with 12 months moratorium before repayment begins”, he said .
The Tertiary institution staff support fund is a key component of the National Education Sector Renewal Implementation, NESRI, framework championed by the Education Minister. The Minister has set up guard rails and a robust monitoring template to ensure smooth implementation.
