The Federal Government has unveiled a new financial support programme for staff of Nigerian tertiary institutions, offering interest-free loans of up to ₦10 million repayable over five years.
The initiative, known as the Tertiary Institutions Staff Support Fund (TISSF), was launched on Wednesday by the Minister of Education, Dr. Tunji Alausa. It targets confirmed full-time academic and non-academic staff in federal universities, polytechnics, colleges of education, and selected state-owned institutions.
Beneficiaries will enjoy a one-year grace period before repayment begins. The loans can be used for medical expenses, transportation, vehicle purchases, small-scale business ventures, agriculture, professional certifications, higher degrees, and other capacity-building programmes.
Dr. Alausa described TISSF as “a strategic empowerment platform” designed to give education workers financial stability, boost morale, and improve institutional performance. He noted that over 70% of tertiary institution staff have not participated in structured capacity-building programmes in the past five years, a gap the scheme seeks to address.
The fund, a joint project of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund) in partnership with the Bank of Industry (BOI), is available to staff with at least five years left before retirement and membership in relevant unions such as ASUU, NASU, COEASU, and SSANIP.
According to the minister, 248 institutions nationwide are eligible. The maximum loan amount is capped at 33.3% of a staff member’s gross annual salary. Applications can be made through the online portal www.tissf.boi.ng, with processing and verification handled by BOI.
BOI Managing Director, Dr. Olasupo Olusi, said the programme represents a direct investment in Nigeria’s educational foundation and youth development. He assured that the process will be transparent, automated, and free from bureaucracy, with disbursements made on a first-come, first-served basis.
“This is more than a welfare package; it is an investment in those who shape the minds of tomorrow,” Dr. Alausa said.
