The Federal Government of Nigeria through the Federal Ministry of Education on Thursday launched the Tertiary Institution Staff Support Fund (TISSF).
The Fund, which is zero percent interest loans aims at enhancing welfare, career development, and financial stability of academic and non-academic staff in Nigerian tertiary institutions, by offering the qualified staff up to N10 million loan.
Determined to strategically remove financial stress among staff, the loan is capped at 33.3% of gross annual salary, while confirmed full-time academic or non-academic staff, members of relevant staff associations, with more than 5 years to retirement are eligible to apply.
The loan is also open to all federal universities, polytechnics, colleges of education; one state university, polytechnic, and college of education per state, while the loan repayment will be through monthly salary deductions via institutions' bursaries.
Launching the Fund, under the initiative framework of the National Education Sector Renewal Implementation (NESRI) in Abuja, the Minister of Education, Dr Maruf Tunji Alausa, noted that the Fund speaks directly to the welfare and professional growth of Nigeria's tertiary institution workforce.
According to him, the fund is not just a welfare package, but a strategic empowerment platform designed to give academic and non-academic staff the financial stability they need to serve students with renewed dedication, and to live with dignity and pride.
Dr. Alausa said "It is an intergral part of President Bola Ahmed Tinubu, GCFR’s Renewed Hope Reform Agenda for Education, which places people, our greatest asset at the centre of transforming our education sector and growing our economy.
"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. It is a 0% interest loan scheme aimed at enhancing welfare, supporting career development, and promoting financial independence for staff in Nigerian tertiary institutions .
"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."he stated
The Minister went on "Through the TISSF, beneficiaries will have access to financing for:
Medical Support: Surgeries, emergency care, medication.
Family & Accommodation Support: Rent, home ownership, renovation.
Transportation: Vehicle purchase (including EVs), bikes, tricycles, CNG conversions.
Small-Scale Enterprise & Agriculture: Poultry, fishing, crop farming, agro-processing.
Academic Advancement: Professional certifications, degrees, capacity-building programmes.
"Applicants who must have at least five (5) years to retirement.
Membership of relevant staff associations such as ASUU, NASU, COEASU, and SSANIP is required .
"This translates to 248 eligible institutions nationwide, covering all federal tertiary institutions and selected state-owned ones.
"The loans are interest-free, repayable over five (5) years, with 12 months moratorium before repayment begins .
"Applications will be processed through an easy-to-use online platform, www.tissf.boi.ng, where staff can fill out a simple form, undergo identity verification, and have their requests vetted by the Bank of Industry.
"I am pleased to announce that the portal is officially open from today, and a live demonstration has just been shown to us, confirming that the application process is simple, secure, and efficient.
"TISSF is more than a financial product; it is a workforce transformation tool. By easing financial burdens, we expect:
Improvement in staff retention.
Boost in morale and
Enhanced institutional performance and better student outcomes.
"By empowering our staff to meet personal and professional needs without crippling financial strain, we are indirectly securing the future of our students and the nation’s knowledge economy." Dr. Alausa added.
Urging bursars to maintain high level of integrity, the Minister warned that there will be consequences for any wrongdoing.
Represented at the launching, the Permanent Secretary in the Ministry, Abel Eniitan, said that the Fund marks a significant milestone towards support for tertiary staff and the education sector in Nigeria.
Noting that the staff are the backbone of the education system, he said that the fund will assist them to over the many challenges facing them.
In his goodwill message, the Chairman of the House of Representatives Committee on Tertiary Education and Services, said "We appreciate you for this initiative. We are happy to partner with you on this."
He however canvassed for upward review of the minimum payable staff salary.
The Vice Chancellor of the University of Jos, Rector of the Federal Polytechnics, Auchi and the Provost of the Federal College of Education, Gidan-Madi, in their separate goodwill messages, welcomed the initiative as it will be great relief for staff welfare.
Promising to make good use of the opportunity, they thanked the Federal Government for the intervention.
On his part, the Managing Director of the Bank of Industry, Dr. Olasupo Olusi, expressed the commitment of the bank to supporting the Federal Government to implement the fund.
"We are proud to stand with the Federal Government to make this a success." he stated
A Special Adviser to President Tinubu, Sunday Dare, while commending the administration for the initiative noted that such proposal in the past didn't see the light of the day under past administrations.
Guideline for the use of the loan include supports for medical, family, accommodation, transport, Small and Medium Enterprises/Agricultural business, and academic advancement.