The federal government has launched a new support fund for staff of universities, polytechnics and colleges of education.
The Tertiary Institutions Staff Support Fund (TISSF) will provide up to ₦10m in interest-free loans to successful applicants, repayable over five years with a one-year grace period.
Education Minister Tunji Alausa said the scheme is designed to improve staff welfare and career growth, describing it as “a strategic empowerment platform” that will help academic and non-academic staff achieve financial stability and serve students more effectively. The loan can be used for medical support, transportation, vehicle purchase, business ventures, agriculture, and professional or academic development.
The initiative is part of President Bola Tinubu’s Renewed Hope Agenda for the education sector. It is being implemented by the Ministry of Education and the Tertiary Education Trust Fund (TETFund) in partnership with the Bank of Industry.
Officials said the scheme aims to address economic pressures and close professional development gaps. A recent study found more than 70% of tertiary staff had not participated in structured capacity-building programmes in the last five years.
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