Fatimah Otunsanya
The Federal Government on Wednesday began the disbursement of interest-free loans to workers in universities, polytechnics and colleges of education nationwide.
The loans, introduced under the Tertiary Institution Staff Support Fund, are aimed at improving the welfare of tertiary-institution staff.
Speaking during the official rollout at the Federal University of Technology, Akure, the Minister of Education, Dr. Tunji Alausa, said the initiative was part of President Bola Tinubu’s Renewed Hope Agenda.
Alausa, who was accompanied by the Minister of State for Education, Prof. Suwaiba Ahmad, disclosed that over 30,000 academic and non-academic workers had applied for the loan, while about 9,000 applications had so far been approved.
According to him, 70 per cent of the beneficiaries are non-academic staff, while 30 per cent are academic.
“We are not just distributing loans; we are witnessing the concrete fulfillment of a core promise made by the President under the Renewed Hope Agenda: to prioritise and improve the welfare of those who form the bedrock of our future—our educators.”
“To the more than 9,000 academic and non-academic staff who have started to receive their formal offer letters under the Tertiary Institution Staff Support Fund, I offer the Federal Government’s heartfelt congratulations. You are the inaugural beneficiaries of this strategic scheme.”
The minister noted that although the official presentation was taking place at FUTA, disbursement had already begun.
“Disbursements commenced last week with over 400 applicants already getting payments in their bank accounts. For the other beneficiaries, expect the same shortly as we are focused on getting all the payments out before the end of the year.”
Alausa said the President had directed the ministry to ensure that all categories of tertiary-institution staff were not only recognised but materially supported.
He explained that the zero-interest loans of up to N10m (capped at 33.3% of annual gross salary) would support housing, healthcare, transportation and small-business development.
“The figures speak for themselves: over 9,000 verified staff from 219 federal and state tertiary institutions are benefiting in this first phase. This swift execution… is proof that this administration is a government that keeps its word.”
“The President is delivering for our tertiary institutions, for welfare, for productivity, and for the future. This is a President that delivers.”
In her remarks, FUTA Vice-Chancellor, Prof. Adenike Oladiji, thanked the Federal Government for including the institution among the beneficiaries of its initiatives, including the $1bn commercial aid programme. She, however, appealed for more funding.
FUTA has been selected as a beneficiary… We thank you most sincerely. We also want to thank you for the efforts you are making towards ensuring that there is peace in our universities.”
She urged the government to ensure universities remain open.
“Please, whatever you can do to ensure that our universities remain open… The burden comes upon the Vice-Chancellor who you directed to implement.”
NigeriaTodayTimes reports that university lecturers under the aegis of Academic Staff Union of Universities had rejected the Federal Government loan scheme, describing it as ploy to enslave university workers.