President Bola Tinubu has announced the introduction of a Staff Loan Scheme to improve the welfare of staff at tertiary institutions in Nigeria. This initiative is designed to provide accessible financial support to both academic and non-academic employees throughout the tertiary education system.
The President made this announcement during the 45th convocation of Ahmadu Bello University in Zaria on Saturday.
The Minister of State represented him for Education, Prof. Suwaiba Said Ahmad. President Tinubu stated that the scheme aims to alleviate personal and professional financial pressures, enabling staff to focus on delivering quality teaching, conducting research, and engaging in community service.
“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.
He noted that, “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.
“The loans will be repayable over a period of five years, including a one-year moratorium, to ensure affordability and sustainability for beneficiaries. I commend the University Management for addressing its rising electricity costs through effective energy conservation, resulting in lower expenses.
“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.