The Federal Government on Wednesday officially commenced the rollout of the Tertiary Institution Staff Support Fund (TISSF Loan), with over 400 tertiary institution workers already receiving their loan payments.
Speaking during the official launch at the Federal University of Technology, Akure (FUTA), the Minister of Education, Dr. Tunji Alausa, said disbursements began last week and assured that all verified beneficiaries would receive their payments before the end of the year.
“Disbursements commenced last week with over 400 applicants already getting payments in their bank accounts. For the other beneficiaries, expect the same shortly as we are focused on getting all the payments out before the end of the year,” Alausa stated.
He explained that the TISSF, an initiative under President Bola Tinubu’s Renewed Hope Agenda, is designed to provide interest-free loans to academic and non-academic staff of universities, polytechnics, and colleges of education.
According to the minister, over 30,000 tertiary institution workers applied for the scheme, while about 9,000 applications had been approved in the first phase. He noted that 70 per cent of the beneficiaries were non-academic staff, and 30 per cent academic staff.
Alausa said the interest-free loans—up to N10 million, capped at 33.3 per cent of an applicant’s annual gross salary—would support housing, healthcare, transportation, and small-business ventures among staff.
“This rollout marks the beginning of full implementation across all zones. By year-end, every qualified beneficiary will have received their payment. This is a demonstration of President Tinubu’s commitment to staff welfare and productivity,” he added.
In her remarks, the Vice-Chancellor of FUTA, Prof. Adenike Oladiji, commended the Federal Government for choosing the institution to host the official launch, describing the initiative as a welcome intervention that would improve the welfare and motivation of staff in the education sector.
