{"id":7370,"date":"2025-08-19T15:56:05","date_gmt":"2025-08-19T15:56:05","guid":{"rendered":"https:\/\/examkits.com\/blog\/?p=7370"},"modified":"2025-08-19T15:56:06","modified_gmt":"2025-08-19T15:56:06","slug":"fg-launches-interest-free-loan-scheme-for-university-polytechnic-and-college-staff","status":"publish","type":"post","link":"https:\/\/examkits.com\/blog\/fg-launches-interest-free-loan-scheme-for-university-polytechnic-and-college-staff\/","title":{"rendered":"FG Launches Interest-Free Loan Scheme for University, Polytechnic, and College Staff"},"content":{"rendered":"\n<p>The Federal Government has officially opened the <strong>Tertiary Institution Staff Support Fund (TISSF) portal<\/strong>, offering staff of Nigerian universities, polytechnics, and colleges of education access to <strong>interest-free loans of up to N10 million<\/strong>.<\/p>\n\n\n\n<p>This initiative, announced by <strong>Sunday Dare<\/strong>, Special Adviser and spokesperson to the President, is now live via the official portal: <a href=\"https:\/\/tissf.education.gov.ng\">tissf.education.gov.ng<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What the loan offers<\/h3>\n\n\n\n<p>The scheme is designed to support both academic and non-academic staff, including lecturers, librarians, lab technicians, and administrative officers.<\/p>\n\n\n\n<p>Key features of the loan include:<\/p>\n\n\n\n<ul>\n<li><strong>Maximum loan amount<\/strong>: N10 million<\/li>\n\n\n\n<li><strong>Interest rate<\/strong>: Zero (interest-free)<\/li>\n\n\n\n<li><strong>Repayment period<\/strong>: Up to 5 years<\/li>\n\n\n\n<li><strong>Repayment start date<\/strong>: 1 year after loan approval<\/li>\n\n\n\n<li><strong>Repayment cap<\/strong>: Not more than 33.3% of the borrower\u2019s annual salary<\/li>\n<\/ul>\n\n\n\n<p>According to <strong>Education Minister, Dr. Tunji Alausa<\/strong>, TISSF is a <strong>welfare-driven initiative<\/strong> 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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How it started<\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>To ensure transparency, the <strong>Bank of Industry<\/strong> has been tasked with managing the financial process, while monitoring and evaluation systems will track proper usage of the funds.<\/p>\n\n\n\n<p>The initiative also aligns with the <strong>National Education Sector Renewal Implementation Plan (NESRIP)<\/strong>, a broader government policy to reform and strengthen Nigeria\u2019s education system.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why this matters<\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/examkits.com\/blog\/wp-content\/uploads\/2025\/08\/FG-SENATE-1024x682.jpg\" alt=\"\" class=\"wp-image-7371\" srcset=\"https:\/\/examkits.com\/blog\/wp-content\/uploads\/2025\/08\/FG-SENATE-1024x682.jpg 1024w, https:\/\/examkits.com\/blog\/wp-content\/uploads\/2025\/08\/FG-SENATE-300x200.jpg 300w, https:\/\/examkits.com\/blog\/wp-content\/uploads\/2025\/08\/FG-SENATE-768x511.jpg 768w, https:\/\/examkits.com\/blog\/wp-content\/uploads\/2025\/08\/FG-SENATE.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>You may also like to read: <a href=\"https:\/\/examkits.com\/blog\/fg-suspends-creation-of-new-federal-universities-polytechnics-and-colleges-for-7-years\/\">FG Suspends Creation of New Federal Universities, Polytechnics, and Colleges for 7 Years<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Government has officially opened the Tertiary Institution Staff Support Fund (TISSF) portal, offering&#8230;<\/p>\n","protected":false},"author":8,"featured_media":3165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[600],"tags":[17790,17789,17791,4006,17787,17792,17788],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - 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