Tinubu Government Unveils N10million Five-Year Loan Scheme For Staff Of Universities, Polytechnics
The Federal Government has officially introduced a new loan scheme that will give academic and non-academic staff of universities, polytechnics, and colleges of education access to as much as N10million. The initiative, called the Tertiary Institutions Staff Support Fund (TISSF), was launched under the leadership of President Bola Ahmed Tinubu as part of his Renewed Hope Agenda for the education sector.
According to the Minister of Education, Dr. Tunji Alausa, the scheme will provide interest-free loans that can be repaid within five years. Beneficiaries will also enjoy a 12-month grace period before repayment begins. The programme is seen as a strategic empowerment tool designed to support staff welfare, career development, and financial independence.
TISSF Loan Scheme: Interest-Free Support For University And Polytechnic Staff
Dr. Alausa explained that the loan is not just a welfare package but a transformational support system. He said the fund will cover critical needs like medical bills, transportation, vehicle purchases, housing projects, small-scale businesses, agriculture, and academic growth. Staff members can also use it to fund professional certifications, postgraduate degrees, and training programmes.
“This programme will give staff of our universities and colleges the financial stability they need to serve with dedication and to live with dignity,” Alausa said. He added that the initiative reflects the administration’s plan to strengthen the education system by investing in people.
Who Is Eligible For The N10million Loan Programme?
The loan scheme is open to full-time staff of federal universities, polytechnics, and colleges of education across Nigeria. In addition, one state university, polytechnic, and college of education in each state will also benefit.
To qualify, applicants must:
- Be confirmed staff with at least five years left before retirement.
- Belong to staff associations such as ASUU, NASU, COEASU, or SSANIP.
- Meet income conditions since loans cannot exceed 33.3% of their annual gross salary.
With this structure, about 248 tertiary institutions nationwide are eligible. Each qualified staff can receive up to N10million under the scheme.
Online Application Portal For TISSF Loan
The Education Minister announced that the application process will be managed online. Applicants can apply through a dedicated portal at www.tissf.boi.ng, where they will fill out a simple form and complete identity verification. The Bank of Industry (BOI) has been assigned to process applications, disburse funds, and manage repayments.
During the unveiling event, the Minister assured Nigerians that the online platform is safe, transparent, and efficient. He also confirmed that the portal is already open for applications and that the loan disbursement will be handled on a “first come, first serve” basis.
TISSF Loan To Improve Education Sector And Staff Morale
The Federal Government believes that the scheme will reduce the financial burden on staff and improve their productivity. By giving employees the resources to meet personal and professional needs, the government hopes to strengthen staff retention, boost morale, and raise academic performance in Nigerian tertiary institutions.
Dr. Alausa stressed that the initiative is a “workforce transformation tool” that will indirectly secure the future of Nigerian students and the country’s knowledge economy.
Bank Of Industry To Oversee Loan Distribution
The Managing Director of the Bank of Industry, Dr. Olasupo Olusi, also spoke at the event, saying the programme reflects a direct government investment in education and skill development. He noted that supporting staff members who guide students and build future leaders is one of the most effective ways to improve the education sector.
Olusi confirmed that the BOI will oversee the full process, including disbursement, monitoring, and collection of the loans. He reassured stakeholders that the process will be transparent, automated, and free of unnecessary bureaucracy.
Government Loan Scheme Seen As Renewed Hope For Education
The new N10million loan scheme is one of the bold steps by the Tinubu government to address challenges faced by tertiary institution staff. For many employees struggling with medical bills, training expenses, and family responsibilities, the initiative promises much-needed relief.
By launching the TISSF, the government has signaled a commitment to education reform, staff welfare, and long-term stability in Nigeria’s universities and polytechnics.