Tinubu Government Launches N10 Million Interest-Free Loan Scheme for Tertiary Institution Staff

The Federal Government has introduced the Tertiary Institutions Staff Support Fund (TISSF), an interest-free loan programme designed to provide financial support for staff of federal universities, polytechnics, colleges of education, and selected state-owned tertiary institutions.

Announcing the scheme in Abuja, Minister of Education, Dr. Tunji Alausa, said eligible academic and non-academic staff can access loans of up to ₦10 million, repayable over five years, with a one-year grace period before repayment begins. The funds can be used for medical expenses, transportation, vehicle purchases, small-scale businesses, agricultural ventures, and academic advancement, including higher degrees, professional certifications, and capacity-building programmes.

Alausa described the initiative as a strategic empowerment platform under President Bola Tinubu’s Renewed Hope Reform Agenda for Education, aimed at improving staff welfare, career development, and financial independence. He noted that over 70% of tertiary institution staff had not participated in structured capacity-building in the past five years, a gap the TISSF intends to close.

The programme, a collaboration between the Federal Ministry of Education, Tertiary Education Trust Fund (TETFund), and the Bank of Industry, is open to confirmed full-time staff with at least five years until retirement. Applicants must be members of recognised unions such as ASUU, NASU, COEASU, or SSANIP. The scheme covers 248 institutions nationwide, with each loan capped at 33.3% of the applicant’s gross annual salary.

Applications can be submitted via the dedicated portal, [www.tissf.boi.ng](http://www.tissf.boi.ng), where verification and vetting will be handled by the Bank of Industry. Alausa said the process is simple, secure, and designed for quick turnaround.

Bank of Industry Managing Director, Dr. Olasupo Olusi, described the scheme as a direct investment in Nigeria’s education foundation and future workforce. He assured that loan processing and disbursement would be handled with transparency and efficiency, on a first-come, first-served basis, and without bureaucratic delays.

Olusi emphasised that by supporting the welfare of education staff, the government is strengthening the nation’s capacity for innovation, skills development, and the nurturing of future leaders.