The Federal Government has launched the Tertiary Institutions Staff Support Fund (TISSF), a N10 million interest-free loan scheme, aimed at improving the welfare, career development, and financial independence of academic and non-academic staff in Nigerian tertiary institutions.

Speaking at the official launch in Abuja, Minister of Education, Dr. Tunji Alausa, described the initiative as “a landmark programme that speaks directly to the heart of our commitment to the welfare and professional growth of our nation’s tertiary institution workforce.”

According to him, the scheme is “not just a welfare package, it is a strategic empowerment platform designed to give our academic and non-academic staff the financial stability they need to serve our students with renewed dedication, and to live with dignity and pride.”

He explained that the TISSF is a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry, and forms “an integral part of President Bola Ahmed Tinubu’s Renewed Hope Reform Agenda for Education.”

The minister revealed that the facility would be available to confirmed full-time staff in federal universities, polytechnics, and colleges of education, as well as one state-owned tertiary institution, covering a total of 248 institutions nationwide.

“Each eligible staff member can access up to N10 million, subject to a cap of 33.3 per cent of their gross annual salary. The loans are interest-free, repayable over five years, with a 12-month moratorium before repayment begins,” he said.