The Federal Government has commenced the distribution of N10 million interest-free loans to staff of tertiary institutions under the Tertiary Institutions Staff Support Fund (TISSF), aimed at improving welfare and boosting productivity in the education sector.
READ ALSO: FG disburses N300bn to farmers
Minister of Education, Dr. Tunji Alausa, officially launched the scheme at the Federal University of Technology, Akure (FUTA), describing it as a major step in advancing President Bola Ahmed Tinubu’s Renewed Hope Agenda.
According to the minister, the TISSF enables eligible staff to access up to N10 million in loans, not exceeding one-third of their annual gross salary. The funds are intended to support needs such as housing, healthcare, and small-scale business ventures.
Dr. Alausa revealed that more than 9,000 academic and non-academic staff members across 219 tertiary institutions have so far received offer letters and payment approvals, with over 400 beneficiaries already credited.
He urged beneficiaries to ensure prompt repayment of the loans to sustain the revolving nature of the scheme, stressing that the initiative is designed to provide continuous support to education workers nationwide.
