The Federal Government has commenced disbursement of interest-free loans to employees of universities, polytechnics, and colleges of education nationwide under the Tertiary Institution Staff Support Fund.
Minister of Education, Dr Tunji Alausa, announced the rollout at the Federal University of Technology, Akure, describing the initiative as a key part of President Bola Tinubu’s Renewed Hope Agenda to improve staff welfare.
Alausa disclosed that over 30,000 academic and non-academic workers had applied, with 9,000 already approved and 400 beneficiaries receiving payments last week. Approximately 70% of recipients are non-academic staff, while the remaining 30% are academic staff.
The zero-interest loan, capped at ₦10 million or 33.3% of annual gross salary, will support housing, healthcare, transportation and small business ventures.
He added that 9,000 verified staff members from 219 federal and state tertiary institutions are benefiting in the first phase, with full disbursement expected before the end of the year.
FUTA Vice-Chancellor, Prof Adenike Oladiji, commended the initiative but urged the government to provide more funding and ensure universities remain open.
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