FG Rolls Out 0% Interest Loan Scheme for Tertiary Institutions Workers

The Federal Government of Nigeria has launched the Tertiary Institutions Staff Support Fund (TISSF), a landmark welfare and empowerment initiative providing 0% interest loans to academic and non-academic staff in tertiary institutions. The scheme aims to improve the welfare and productivity of tertiary institution staff, promoting a more stable and motivated workforce.

The loan scheme offers up to N10 million to eligible staff, with repayment terms spanning five years, including a one-year moratorium. Eligible staff can use the loan for various purposes, including medical expenses, transportation, small-scale businesses, academic advancement, and housing.

The initiative is a joint effort between the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry.