Varsity workers begin N13bn FG loan repayment Oct
Nigerian varsity workers who benefited from the N13bn FG-backed loan will begin repayment through monthly salary deductions starting from October 2026. Read More: https://punchng.com/varsity-workers-begin-n13bn-fg-loan-repayment-oct/
The Federal Government of Nigeria will commence the repayment of loans disbursed under the N13 billion Tertiary Institutions Staff Support Fund (TISSF) scheme from October 2026, according to a circular issued by the University of Maiduguri. The Bank of Industry, which administers the interest-free loan facility, has directed participating public tertiary institutions to begin recovering the funds through salary deductions from affected staff.
The repayment process will involve deductions from the monthly salaries of thousands of academic and non-academic staff who benefited from the loan. The circular, dated September 14, 2026, was signed by the University of Maiduguri’s Bursar, Ibrahim Umar. Affected staff are advised to prepare for the deductions and make necessary arrangements.
The TISSF was established to provide financial support to staff of public tertiary institutions for various needs, with loans of up to N10 million available to eligible beneficiaries. Repayment of the loans can be spread over a maximum period of five years.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
