The Nigerian government through the Federal Ministry of Education has launched the Tertiary Institutions Staff Support Fund (TISSF), a non-interest loan scheme aimed at improving the welfare, professional growth, and financial stability of workers in the nation’s tertiary institutions.
The 10 million naira interest-free loan for each tertiary institution staff, with a year’s repayment tenure, also has a one-year moratorium to reduce repayment pressure.
Minister of Education, Dr. Maruf Olatunji Alausa, while unveiling the initiative in Abuja, Nigeria described it as a strategic empowerment platform that would give both academic and non-academic staff the financial support they needed to serve students with renewed dedication and live with dignity.
The minister explained that the TISSF programme, a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry (BoI) is an integral part of President Bola Tinubu’s Renewed Hope Reform Agenda for the education sector.
He said the programme prioritises people as the nation’s greatest asset in transforming the education sector and driving economic growth.
“Each eligible staff member can access up to N10 million, subject to a cap of 33.3% of their gross annual salary. The loans are interest-free, repayable over five (5) years, with 12 12-month moratorium before repayment begins.
“Under the scheme, beneficiaries can access interest-free loans for medical expenses, family and accommodation needs, transportation (including electric vehicles and CNG conversions), small-scale enterprises (SMEs) and agriculture- poultry, fishing for food security, as well as academic advancement through certifications and capacity-building programmes,” he said.
According to him, the fund is more than a financial product as it was designed as a workforce transformation tool by easing financial burdens.
“The fund responds to the economic pressures and professional development gaps faced by our staff. Studies show that over 70% of tertiary institution staff in Nigeria have not participated in structured capacity-building programmes in the last five years. TISSF is here to change that.
“We expect it to improve staff retention, boost morale, and enhance institutional performance for better student outcomes,” he said.
Dr. Alausa said eligibility for the sustainable loan involves confirmed full-time staff of all federal universities, polytechnics, and colleges of education, stressing that applicants must have at least five years to retirement and a members of recognised staff unions such as ASUU, NASU, COEASU, and SSANIP.
He said 248 institutions comprising Federal Government-owned Universities, Polytechnics, Colleges of Education and one state-owned institution in each category per state are eligible for the disbursement.
The Ministe, however, warned Busars of the beneficiary institutions that are coordinators of the fund not to become a stumbling block to life-changing initiatives.
“Bursars must be fast and transparent in their responsibilities. There will be consequences if we notice any bottleneck challenges from you,” he warned.
The Vice Chancellor of the state University of Jos, Professor Tanko Ishaya, while responding on behalf of the Universities expressed happiness over the TISSF initiative stressing that the fund will go a long way in assuaging their challenges and improving the education sector.
“When tertiary institution staff are taken care of, quality of education improves and when quality of education improves the nation moves forward,” he said
The National President of the Non-Academic Staff Union, NASU represented by Abubakar Aliyu promised to give full support to the initiative as “it is bound to transform their lives and livelihoods.”
The Managing Director of the Bank of Industry, Dr. Olasupo Olusi said investing in tertiary institution staff is equals to investing in the future of Nigerian youths as the workers serve as guardians of the students, promising to be transparent in the management of the loan.
“We are committed to delivery with integrity and transparency. It will be on first come first to serve, he said.