The Federal Government has introduced a new financial initiative known as the Tertiary Institution Staff Support Fund (TISSF), designed to enhance the welfare and career development of staff in universities, polytechnics, and colleges of education throughout Nigeria.
The announcement was made on Sunday in Abuja by Mrs. Folasade Boriowo, the Director of Press and Public Relations at the Federal Ministry of Education, via a statement.
Boriowo stated that Dr. Tunji Alausa, the Minister of Education, launched the program as a comprehensive support initiative aimed at benefiting both lecturers and non-academic staff in higher education institutions.
He characterized the initiative as a "welfare-oriented loan program that fosters financial stability, enhances quality of life, and encourages career development for employees in Nigeria's higher education institutions."
Alausa mentioned that under the new scheme, each eligible staff member could obtain loans of up to N10 million, as long as the amount does not surpass 33.3 percent of their gross annual salary.
He added that eligible uses encompass transportation, medical support, and small-scale business initiatives like poultry farming.
The fund will be managed in partnership with the Bank of Industry, which will supervise disbursement to maintain transparency and accountability throughout the process.
Alausa highlighted that the initiative is in line with President Bola Tinubu’s extensive plans to reform Nigeria's higher education sector.
"TISSF goes beyond welfare; it's about empowerment," he said. The minister added, "We are committed to supporting our education workforce so they can live well, grow professionally, and keep making meaningful contributions to institutional excellence."
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