Disbursements for the Tertiary Institution Staff Support Fund have officially begun, bringing relief to staff across Nigeria’s higher education sector. The Bank of Industry (BOI) announced on Monday that the process is ongoing for eligible applicants, confirming that academic and non-academic staff can now access zero-interest loans of up to ₦10 million.
The scheme, powered by the Federal Ministry of Education, is designed to strengthen staff welfare through a structured loan program that supports financial stability and long-term planning.
According to BOI, the Tertiary Institutions Staff Support Fund was launched in collaboration with the Tertiary Education Trust Fund and the Bank of Industry. The initiative aims to expand sustainable education funding while providing staff with a repayment window of up to five years after a twelve-month moratorium.
About 248 institutions nationwide have been cleared to benefit from the program, covering all federal universities, polytechnics and colleges of education, along with one state university, one state polytechnic and one state college of education per state. Early financial data from the first phase shows that more than 9,000 applicants have already received payments.
Nigeria Startup News learned that the 9,000-plus beneficiaries represent around 28 percent of the 33,000 verified applicants across 219 institutions. Officials noted the loan program will continue as applications are processed.
