The federal government, Thursday, officially 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.
Speaking at the lunch, 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.
It offers loans of up to N10 million, capped at 33.3% of a beneficiary’s gross annual salary, for purposes such as transportation, medical expenses, and small business ventures like poultry farming. The scheme is being implemented in partnership with the Bank of Industry to ensure transparency and accountability.
He said through the TISSF, 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.
Beneficiaries are expected to use the loan to meet needs such as transportation, small-scale agro-business initiatives, medical expenses, family support, accommodation, and academic advancement.
“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.
Thanking the President for his approval of the scheme and other education-related interventions, Dr. Alausa said,
“The TISSF is another evidence of Renewed Hope in action. A demonstration of President Tinubu’s commitment to Education and support for its component parts, ” he said.
He likened the programme to the Nigeria Education Loan Fund (NELFUND), describing it as a timely and much-needed support intervention for university, polytechnic, and colleges of education staff, academic and non-academic.
The Minister noted that the TISSF is a key component of the National Education Sector Renewal Implementation (NESRI) framework, which he is spearheading to revitalise the sector.
He noted that guard rails and a robust monitoring template have been established to ensure transparency and smooth implementation.
Nairametrics.
