By Jemimah Wellington, JKNewsMedia Correspondent
THE FEDERAL government has introduced the Tertiary Institutions Staff Support Fund (TISSF) to provide financial assistance for academic and non-academic staff in tertiary institutions across the country.
The initiative covers federal universities, polytechnics, colleges of education, and one state-owned tertiary institution in each state, targeting confirmed full-time staff members with at least five years left until retirement.
Announcing the scheme in Abuja, Minister of Education, Dr. Tunji Alausa, said the facility offers up to N10million in interest-free loans to successful applicants, with repayment spread over five years and a 12-month moratorium.
Loan amounts will be capped at 33.3 per cent of a beneficiary’s gross annual salary and will be available for purposes including transportation, medical support, small-scale businesses, agriculture, family needs, and academic advancement.
According to the Minister, the scheme is being implemented in collaboration with the Bank of Industry to ensure transparency, accountability, and proper monitoring.
“Through the TISSF, beneficiaries will have access to financing for medical support, transportation, vehicle purchase, small-scale enterprise and agriculture, as well as academic advancement, including professional certifications, degrees, and capacity-building programmes,” Dr. Alausa said.
He stated that membership of relevant staff associations such as the Academic Staff Union of Universities (ASUU), Non-Academic Staff Union (NASU), Colleges of Education Academic Staff Union (COEASU), and Senior Staff Association of Nigeria Polytechnics (SSANIP) is required for eligibility.
Dr. Alausa expressed appreciation to President Bola Ahmed Tinubu for approving the scheme and other education-related interventions, describing the initiative as “another evidence of Renewed Hope in action” and “a demonstration of the President’s commitment to education and support for its component parts.”
The Minister likened the programme to the Nigeria Education Loan Fund (NELFUND), noting that it represents a timely intervention to ease the financial burdens faced by tertiary institution staff.
He further explained that the TISSF forms part of the National Education Sector Renewal Implementation (NESRI) framework, which he is leading to revitalise Nigeria’s education system.
He said the government has put in place strict guard rails and a comprehensive monitoring template to guarantee smooth and transparent implementation of the fund nationwide.
