FG Begins Disbursement of Interest-Free Loans to 30,000 Tertiary Institution Workers Across Nigeria

The Federal Government has commenced the disbursement of interest-free loans to academic and non-academic staff across universities, polytechnics, and colleges of education nationwide under the Tertiary Institution Staff Support Fund (TISSF) initiative.

The scheme, launched as part of President Bola Tinubu’s Renewed Hope Agenda, is designed to improve the welfare and financial stability of tertiary institution workers.

Speaking during the official rollout ceremony at the Federal University of Technology, Akure (FUTA), Minister of Education, Dr. Tunji Alausa, said the initiative reflects the government’s commitment to prioritizing the well-being of educators who play a central role in shaping Nigeria’s future.

Alausa, who was accompanied by the Minister of State for Education, Prof. Suwaiba Ahmad, revealed that over 30,000 tertiary institution staff had applied for the loan, while more than 9,000 applicants have already been approved for disbursement.

“We are not just distributing loans; this marks the fulfillment of President Tinubu’s promise to uplift the welfare of those who form the bedrock of national development — our educators,” Alausa said.

He explained that about 70 percent of the approved beneficiaries are non-academic staff, while 30 percent are academic personnel. The minister added that loan disbursements had already started before the official ceremony, with over 400 beneficiaries receiving their payments directly into their bank accounts.

“Our target is to complete all payments before the end of the year. Every approved applicant will receive their funds as part of our commitment to transparency and efficiency,” he assured.

Alausa stated that the loans, which are interest-free and capped at ₦10 million (not exceeding 33.3 percent of each applicant’s annual gross salary), are designed to support housing, healthcare, transportation, and small-scale business ventures.

“The figures speak clearly — over 9,000 verified staff from 219 federal and state tertiary institutions are part of this first phase. This swift execution shows that this administration delivers on its promises,” the minister said.

He reiterated that President Tinubu remains focused on creating an environment where educators can thrive, emphasizing that the welfare of tertiary staff is central to driving productivity and stability within Nigeria’s education system.

In her remarks, the Vice-Chancellor of FUTA, Prof. Adenike Oladiji, expressed appreciation to the Federal Government for including the institution in the support initiative. She also appealed for continuous funding to maintain peace and smooth operations across universities.

“FUTA appreciates this gesture and the ongoing efforts to ensure stability in the academic sector. However, we appeal for more financial support to sustain the momentum and keep universities open for learning and innovation,” she said.

The Tertiary Institution Staff Support Fund is part of the government’s broader strategy to strengthen the education sector and promote economic empowerment among staff of higher institutions. It aims to address long-standing challenges related to delayed salaries, housing deficits, and limited access to affordable credit facilities.

While some unions, such as the Academic Staff Union of Universities (ASUU), have expressed reservations about the scheme, describing it as unsustainable, the Federal Government insists the loan fund is a sustainable intervention that will enhance staff welfare and reduce financial pressure across the sector.

The initiative is expected to benefit thousands of staff in its subsequent phases as the Ministry of Education continues to process additional applications and monitor loan utilization to ensure accountability and impact.