President Bola Tinubu has approved the release of ₦40 billion in zero-interest loans for academic and non-academic staff of Nigeria’s tertiary institutions, in a move aimed at boosting staff welfare and sustaining a stable academic calendar.
Tinubu announced the approval on Saturday during the 45th convocation ceremony of Ahmadu Bello University (ABU), Zaria. He was represented at the event by the Minister of State for Education, Prof. Suwaiba Said Ahmad.
The President said the Staff Loan Scheme was designed to ease financial pressures on workers in the tertiary education sector, enabling them to focus more on teaching, research and community service.
“As part of our efforts to improve staff welfare in tertiary institutions, we have introduced a Staff Loan Scheme designed to provide accessible financial support to employees across the sector,” he said.
Tinubu explained that the Federal Ministry of Education had finalised arrangements with the Bank of Industry (BoI) to provide the loans at zero interest, with the Federal Government fully bearing the interest cost.
According to him, some beneficiaries had already accessed the facility since last year, while ₦40 billion has been earmarked for disbursement in 2026. Individual loans, he added, would range from ₦1 million to ₦10 million.
The loans are to be repaid over a five-year period, including a one-year moratorium, to ensure affordability and sustainability.
The President also underscored the importance of a stable academic calendar to the growth of tertiary institutions, assuring that his administration would continue to prioritise uninterrupted academic activities.
“I reaffirm this administration’s commitment to keeping our institutions open in line with approved academic calendars,” Tinubu said.
He commended the Tertiary Institutions Expanded Negotiation Committee, chaired by Alhaji Mahmud Yayale Ahmed, for facilitating agreements with the Academic Staff Union of Universities (ASUU), and assured that outstanding negotiations with other unions would be concluded.
Tinubu praised ABU for its contributions to teaching, research and community service, urging the university to remain aligned with the Federal Government’s Tertiary Institutions Governance and Transparency Programme to enhance accountability and data-driven governance.
On infrastructure, he applauded the university’s efforts to reduce electricity costs through energy conservation and disclosed that ABU would benefit from Phase IV of the Energising Education Programme, which provides 24-hour power supply to federal tertiary institutions.
He noted that Phases I to III of the programme had already delivered over 100 megawatts of clean energy to 24 federal universities and teaching hospitals across the country.
Addressing the graduating students, the President urged them to embrace innovation and entrepreneurship, encouraging them to take advantage of the Students’ Innovation Venture Capital Grant, which offers up to ₦50 million in seed funding for student-led ventures without equity requirements.
