August 14, (THEWILL) — The federal government, on Thursday, unveiled the Tertiary Institutions Staff Support Fund (TISSF) for staff of tertiary institutions, including federal universities, polytechnics and colleges of education and selected state-owned tertiary institutions.
THEWILL reports that the TISSF is a strategic welfare initiative designed to enhance the well-being of tertiary institution staff, support their professional development, and promote financial independence.
Speaking at the launch, the Minister of Education, Dr Tunji Alausa, said the Fund will ensure a N10m interest-free loan for successful applicants, which will be repaid in five years, with a 12-month moratorium.
The Minister said beneficiaries will have access to financing for medical support, transportation, vehicle purchase, small-scale enterprise and agriculture and academic advancement, including professional certifications, degrees and capacity-building programmes.
“This programme is not just a welfare package, it is a strategic empowerment platform designed to give our academic and non-academic staff the financial stability they need to serve our students with renewed dedication and to live with dignity and pride. It is an intergral part of President Bola Ahmed Tinubu’s Renewed Hope Reform Agenda for Education, which places people, our greatest asset at the centre of transforming our education sector and growing our economy.
“The TISSF is a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry. It is a 0% interest loan scheme aimed at enhancing welfare, supporting career development, and promoting financial independence for staff in Nigerian tertiary institutions. The fund responds to the economic pressures and professional development gaps faced by our staff. Studies show that over 70% of tertiary institution staff in Nigeria have not participated in structured capacity-building programmes in the last five years. TISSF is here to change that.
“The TISSF is open to confirmed full-time academic and non-academic staff of any federal university, polytechnic or college of education, one state university, polytechnic and college of education in each state, applicants who must have at least five years to retirement, membership of relevant staff associations such as ASUU, NASU, COEASU and SSANIP is required. This translates to 248 eligible institutions nationwide, covering all federal tertiary institutions and selected state-owned ones. Each eligible staff member can access up to N10 million, subject to a cap of 33.3% of their gross annual salary. The loans are interest-free, repayable over five years, with 12 months moratorium before repayment begins. Applications will be processed through an easy-to-use online platform, www.tissf.boi.ng, where staff can fill out a simple form, undergo identity verification and have their requests vetted by the Bank of Industry.
“I am pleased to announce that the portal is officially open from today, and a live demonstration has just been shown to us, confirming that the application process is simple, secure and efficient.
“TISSF is more than a financial product; it is a workforce transformation tool. By easing financial burdens, we expect improvement in staff retention, boost in morale and enhanced institutional performance and better student outcomes. By empowering our staff to meet personal and professional needs without crippling financial strain, we are indirectly securing the future of our students and the nation’s knowledge economy.
“The TISSF is a Renewed Hope in action, a testament that this government ably led by President Bola Ahmed Tinubu, GCFR listens, understands, and responds to the needs of those who shape the minds of tomorrow. To all eligible staff across our universities, polytechnics, and colleges of education: begin your application today. The opportunity is here to improve your welfare, advance your career, and strengthen our institutions. Let us seize this moment, for our personal growth, for the stability of our institutions, and for the future of Nigeria’s education sector”, he said.
The Managing Director of the Bank of Industry, Dr Olasupo Olusi, said by supporting tertiary education staff, the government is directly investing in the very foundation of education, youth and skills growth and development.
“Today’s event represents our shared commitment to the advancement of academic and non-academic staff of our tertiary institutions. These are the individuals working for institutions, running inspired education of children and drive innovation and knowledge creation. They shape future leaders not only through teaching and administration, but also through the values skills and guidance they provide every day. By supporting them, we are directly investing in the very foundation of education, youth and skills growth and development. There is a famous saying that if you want to build a strong nation, you have to start by investing in its education sector. The Bank of Industry is proud to stand as a partner with the Federal Ministry of Education, TETFund and other key stakeholders to make this program a success.
“We have been entrusted with managing the funds for the program, overseeing the processing, disbursements and the collection of loans granted under it. This is a responsibility we will carry with the highest sense of duty, ensuring the right people receive support at the right time for maximum impact. I want to reassure everyone that the Bank of Industry is committed to delivering this program with integrity, transparency and speed. The process will be fully automated as the coordinator said earlier.
“Disbursement will be on first come, first serve basis and all applications will follow the acceptable criteria agreed with the Federal Ministry of Education. Above all, it will be simple, free of bureaucracy and accessible so that beneficiaries can receive support quickly and confidently.”
As of the time of filing this report, 2,476 applications have already been recorded on the portal, with 691 completed applications. 105 schools have also signed up, while 15 bursars have also created profiles on the dashboard.
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