The Federal Government through the Federal Ministry of Education has concluded arrangements with the Bank of Industry (BOI) to provide zero-interest loans to eligible staff of tertiary institutions across Nigeria as part of a new welfare intervention. The initiative, tagged the Staff Loan Scheme, is designed to support both academic and non-academic staff in managing personal and professional financial needs while improving productivity in the education sector nationwide.
President Bola Ahmed Tinubu announced the introduction of the Staff Loan Scheme during the 45th convocation ceremony of Ahmadu Bello University, Zaria, held on Saturday. The President was represented at the event by the Minister of State for Education, Prof. Suwaiba Said Ahmad, who delivered the address on his behalf to graduands, staff, and invited guests.
According to President Tinubu, the scheme is intended to reduce financial pressure on tertiary institution workers, enabling them to focus more on quality teaching, research, and community service. He said the programme reflects the government’s commitment to staff welfare and institutional stability within the tertiary education system.
“To operationalise this initiative, the Federal Ministry of Education has concluded arrangements with the Bank of Industry (BOI) to provide zero-interest loans to all eligible staff of tertiary institutions nationwide, with the Ministry bearing the full cost of the interest as part of its staff welfare support,” the President stated.
He disclosed that some beneficiaries had already started receiving funds under the scheme since last year. “As I speak to you now, some of the beneficiaries have started collecting their monies since last year. For the current year, a total sum of ₦40 billion has been earmarked for disbursement, with individual loan amounts ranging from ₦1 million to ₦10 million,” he said.
President Tinubu explained that the loans would be repaid over five years, with a one-year moratorium included to ease the burden on beneficiaries. “The loans will be repayable over a period of five years, including a one-year moratorium, to ensure affordability and sustainability for beneficiaries,” he added.
The President also commended the management of Ahmadu Bello University for reducing electricity costs through energy conservation efforts, noting that such measures had helped lower expenses. He encouraged the university to take further steps by developing a comprehensive energy policy.
“I urge the Management to pursue with vigour its commitment to develop a comprehensive Energy Policy that translates long-standing theoretical solutions into practical steps to deliver tangible results in sustainable power management for the University,” he said.
According to him, “A well-formulated and implemented policy will help the University address power challenges and serve as a benchmark for other institutions.”
President Tinubu recalled his remarks at the university’s 44th convocation ceremony, where he spoke on government efforts to improve electricity supply in universities. “I recall that in my address at the 44th Convocation ceremony of this University, I stated that the Federal Government was making deliberate efforts to address electricity supply issues for universities to enable them to function optimally,” he said.
He announced progress under the Energising Education Programme. “I am pleased to inform you that the Federal Government and the Rural Electrification Agency (REA) have signed an agreement with the Federal Ministry of Education (FME) under the Energising Education Programme (EEP), to provide 24-hour electricity supply to all Federal tertiary institutions,” he stated.
The President said the project would improve learning, productivity, research, and entrepreneurship. He noted that Phases I–III had delivered over 100 megawatts of clean energy to 24 Federal universities and teaching hospitals. According to him, Ahmadu Bello University and others are in Phase IV, commencing soon. He congratulated the graduands, urging effective use of knowledge, self-improvement, and job creation through initiatives like the Students Enterprise Competition organised by ICERFE.
