FG Launches Interest-Free Loan Scheme for University, Polytechnic, and College Staff
The Federal Government has officially opened the Tertiary Institution Staff Support Fund (TISSF) portal, offering staff of Nigerian universities, polytechnics, and colleges of education access to interest-free loans of up to N10 million.
This initiative, announced by Sunday Dare, Special Adviser and spokesperson to the President, is now live via the official portal: tissf.education.gov.ng.
What the loan offers
The scheme is designed to support both academic and non-academic staff, including lecturers, librarians, lab technicians, and administrative officers.
Key features of the loan include:
- Maximum loan amount: N10 million
- Interest rate: Zero (interest-free)
- Repayment period: Up to 5 years
- Repayment start date: 1 year after loan approval
- Repayment cap: Not more than 33.3% of the borrower’s annual salary
According to Education Minister, Dr. Tunji Alausa, TISSF is a welfare-driven initiative meant to improve staff well-being, encourage career growth, and provide financial stability. Beneficiaries can use the funds for a wide range of needs such as transportation, healthcare, housing, education, family support, business ventures, and research projects.
How it started
The TISSF was first proposed in July during a high-level meeting in Abuja after discussions with school administrators, staff unions, and other key stakeholders.
To ensure transparency, the Bank of Industry has been tasked with managing the financial process, while monitoring and evaluation systems will track proper usage of the funds.
The initiative also aligns with the National Education Sector Renewal Implementation Plan (NESRIP), a broader government policy to reform and strengthen Nigeria’s education system.
Why this matters
For many staff in tertiary institutions, this scheme provides a much-needed lifeline in tackling financial challenges without the burden of high-interest loans. With housing, medical bills, and education costs on the rise, the TISSF could help reduce financial stress and improve productivity in Nigerian institutions.
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