Loan: FG processes N1.7bn balance, 7,450 varsity staff get N13.3bn
The Federal Government is processing the remaining N1.7bn balance under its Tertiary Institutions Staff Support Fund, after N13.3bn was disbursed to 7,450 beneficiaries in the first cycle of the programme.
The latest figures were contained in information obtained from the website of the Federal Ministry of Education, giving a fresh update on the implementation of the government’s interest-free loan scheme for workers in tertiary institutions.
According to the ministry, N15bn was disbursed to the Bank of Industry, which serves as the fund custodian and is responsible for disbursing loans to verified beneficiaries.
Of the amount, N13.3bn has been disbursed to 7,450 beneficiaries, while the remaining balance is being processed through the institutional onboarding pipeline.
The ministry stated, “With N15 billion disbursed to BOI and N13.3 billion disbursed to 7,450 beneficiaries for the 2025 programme, TISSF has already delivered a substantial welfare impact in its first cycle.”
It added, “The remaining balance is being processed through the institutional onboarding pipeline.”
The figures indicate that about N1.7bn remains from the N15bn transferred to BOI, with the balance expected to move through the programme’s institutional processing system.
The development comes as the scheme continues to attract applications from workers in tertiary institutions across the country, with the ministry reporting that more than 42,000 applications had been submitted.
Of these, 28,987 applications had been approved, while 8,604 loan offers had been sent to applicants.
The programme currently has 153 institutions on its platform.
The TISSF was established to provide affordable financing to tertiary institution workers for key personal and livelihood needs. The loan carries zero per cent interest, with beneficiaries able to access up to N10m.
Under the repayment structure, beneficiaries are given a one-year moratorium, after which repayment is spread over five years through payroll deductions.
However, the ministry said deductions must not exceed 33.3 per cent of a beneficiary’s gross pay, a condition designed to prevent loan repayment from placing excessive pressure on workers’ salaries.
The facility can be used for housing, transportation, agriculture and business, professional development and other welfare needs, according to the ministry.
How it works
The Federal Ministry of Education serves as the programme authority, with responsibility for policy design and institutional oversight.
The BOI serves as the fund custodian and is responsible for loan disbursement to verified beneficiaries, financial infrastructure and loan management.
University bursaries are responsible for employment verification, repayment deduction management and liaison between institutions and the programme.
Staff unions, including ASUU, NASU and SSANU, are also expected to assist with member mobilisation and verification.
The ministry said the programme targets staff records across Nigeria, with more than 31 million records identified within the broader system.
The TISSF was officially launched on August 14, 2025, at the TETFund Auditorium in Abuja, with the Federal Ministry of Education, TETFund and BOI identified as implementing partners.
The latest disclosure provides an indication of the level of demand for the facility and the extent to which the government has so far converted approved applications into actual disbursements.
While 28,987 applications have been approved, the number of beneficiaries who have actually received funds currently stands at 7,450, according to the ministry’s figures.
The difference between approved applications and actual disbursements reflects the additional institutional onboarding and verification processes required before funds are released.
Challenges
The ministry also identified several challenges encountered during the first year of implementation.
One of the challenges was limited awareness of the programme among some institutions and eligible workers.
In response, the ministry said union partnerships were used to improve communication with staff, while the relevant programme coordination team worked with heads of institutions to strengthen internal communication.
The ministry stated that “union partnerships mobilised for member communication,” while the programme team also coordinated with institutional heads on internal communications.
Another challenge involved university bursars, who initially faced difficulties understanding their specific responsibilities in the application and processing workflow.
According to the ministry, “in the first year of implementation, bursars had challenges understanding their specific role in the processing workflow.”
To address this, the ministry said the programme team and BOI “deployed dedicated support to each institution’s bursar” and refined the conditional-access model to accelerate application processing.
The government also identified disputes over eligibility verification as another challenge.
Some applicants, according to the ministry, contested automated decisions that rejected their applications.
In response, the programme team and BOI continued engaging institutions to explain the verification process while making adjustments based on lessons from implementation.
The ministry said, “Some applicants contested automated eligibility rejections,” adding that the programme team and BOI “continue to explain the process to institutions and refine the system based on field experience.”
The Federal Government’s decision to provide the facility at zero interest is intended to give tertiary institution workers access to credit without the additional cost associated with conventional loans.
With N13.3bn already disbursed to 7,450 beneficiaries and the N1.7bn balance undergoing processing, the next phase of the programme will depend largely on the pace of institutional onboarding, verification and loan disbursement.
The ministry said information on the scheme is available through the TISSF information portal, while applicants use the BOI platform for loan processing.
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