The Federal Government has officially launched the Tertiary Institutions Staff Support Fund (TISSF), an interest-free loan scheme aimed at enhancing the welfare, professional development, and financial stability of staff in Nigeria’s tertiary education sector.
The Minister of Education, Dr. Tunji Alausa, unveiled the initiative on Thursday in Abuja, announcing the start of loan disbursements to eligible applicants. According to the Minister, each qualified staff member can access up to ₦10 million, capped at 33.3% of their gross annual salary. The loan is repayable over five years, with a 12-month moratorium before repayment begins.
Prior to the formal launch, the TISSF platform had already recorded 2,474 applications, with 691 fully completed. A total of 105 institutions have registered, and 15 bursars have created profiles on the dashboard.
Dr. Alausa described the scheme as a strategic support mechanism for both academic and non-academic staff, enabling them to better serve students and manage personal needs with dignity. He explained that the initiative is part of President Bola Tinubu’s Renewed Hope Agenda, which prioritises people as key drivers of educational transformation and national growth.
TISSF is a collaboration between the Federal Ministry of Education, the Tertiary Education Trust Fund (TETFund), and the Bank of Industry (BoI). The scheme provides interest-free loans for a range of needs, including medical expenses, housing, transportation (including electric vehicles and CNG conversions), small businesses, agriculture, and professional development through certifications and training.
Eligibility covers confirmed full-time staff of federal universities, polytechnics, and colleges of education, as well as one state-owned institution per category in each state. Applicants must have at least five years remaining until retirement and belong to recognised staff unions such as ASUU, NASU, COEASU, or SSANU.
Applications are processed through the official platform: www.tissf.boi.ng, where users can complete an online form, verify their identity, and submit requests for review by the Bank of Industry.
Dr. Alausa emphasised that the platform is designed to be simple, secure, and efficient. He noted that the fund aims to improve staff retention, morale, and overall institutional performance by easing financial pressures on workers in the education sector.
Managing Director of the Bank of Industry, Dr. Olasupo Olusi, reaffirmed the BoI’s commitment to the success of the programme, describing it as a vital investment in the foundation of education, youth development, and national capacity-building.
He assured that the application process would be transparent and straightforward, with disbursements handled on a first-come, first-served basis and aligned with criteria agreed upon with the Ministry of Education.
Dr. Olusi concluded by noting the bank’s responsibility to manage the programme with diligence, ensuring timely and equitable access to funds for maximum impact.
