The Federal Government says it is processing the remaining one-point-seven billion naira balance under the Tertiary Institutions Staff Support Fund, TISSF, after disbursing 13-point-three billion naira to 7,450 beneficiaries in the first cycle of the programme.
The latest figures released by the Federal Ministry of Education show that 15 billion naira was transferred to the Bank of Industry, BOI, the fund custodian responsible for disbursing loans to verified beneficiaries.
According to the ministry, 13-point-three billion naira has so far been disbursed, while the remaining balance is being processed through the institutional onboarding system.
The interest-free loan scheme has so far attracted more than 42,000 applications from workers in tertiary institutions across the country.
Of this figure, 28,987 applications have been approved, while 8,604 loan offers have been sent to applicants.
The programme currently has 153 institutions registered on its platform.
Under the TISSF, eligible tertiary institution workers can access up to 10 million naira at zero per cent interest for housing, transportation, agriculture, business, professional development and other welfare needs.
Beneficiaries are given a one-year moratorium, after which repayment is spread over five years through payroll deductions.
The ministry says monthly deductions must not exceed 33-point-three per cent of a beneficiary’s gross salary to prevent undue pressure on workers.
The Federal Ministry of Education oversees the programme, while the Bank of Industry handles fund custody, loan disbursement and management.
University bursaries are responsible for employment verification and repayment deductions, while staff unions, including ASUU, NASU and SSANU, are expected to support mobilisation and verification of beneficiaries.
