Loan: FG processes N1.7bn balance, 7,450 varsity staff get N13.3bn

The Federal Government has disbursed N13.3 billion to 7,450 tertiary institution staff through the Tertiary Institutions Staff Support Fund (TISSF), leaving a balance of N1.7 billion to be processed. The programme, which offers interest-free loans, was launched on August 14, 2025, and has received over 42,000 applications. The Federal Ministry of Education serves as the programme authority, with the Bank of Industry as the fund custodian responsible for loan disbursement, and university bursaries handling employment verification and repayment deduction management.

The repayment structure allows beneficiaries to defer payments for one year, after which they are spread over five years through payroll deductions, with the loan amount not exceeding 33.3% of a beneficiary's gross pay. Challenges faced during the first year include limited awareness among institutions and workers, difficulties for bursars understanding their role, and disputes over eligibility verification.