The Federal Government of Nigeria (FGN) has begun the disbursement of N10 million interest-free loans under the Tertiary Institutions Staff Support Fund (TISSF) as part of the Renewed Hope Agenda of President Bola Tinubu.
Speaking during the launch at Federal University of Technology, Akure (FUTA), Ondo State, the Minister of Education, Tunji Alausa, stated that 9,000 academic and non-academic staff from 219 federal and state institutions across the nation have begun receiving offer letters and payments, adding that more than 400 beneficiaries have already been credited.
According to him, amongst the initial beneficiaries, , about 30 percent were academic staff, while 70 percent were non-academic
He said, “The TISSF is not merely a financial intervention; it is a tangible expression of government’s appreciation for the dedication of those who sustain our tertiary education system.
“This fund is designed to support staff welfare in practical ways — housing, healthcare, transportation, small businesses, children’s education, and other social needs.
”We know that government salaries alone are not enough, and this is an additional lifeline to help our educators live decent and productive lives."
Alausa urged beneficiaries to ensure timely repayment, adding that “transparency, accountability, and quarterly monitoring will guide implementation to ensure the initiative’s long-term success.”
He further stated, “We have a president that believes so much in you and appreciates you because he knows the kind of work you’re doing in building our country. That’s why we came up with TISSF.
“Within four months, we moved from announcement to actualization, and the first batch of beneficiaries are already getting their funds. This is an interest-free loan.
“For the first 24 months, beneficiaries won’t pay back the principal, and repayment is spread across five to seven years.”
Professor Suwaiba Sa’id Ahmad, the Minister of State for Education, stated that TISSF is “a visionary and transformative welfare programme designed to stabilize the education system by improving staff motivation and professional growth.”