Varsity workers begin N13bn FG loan repayment Oct

The Federal Government is set to commence salary deductions for beneficiaries of the N13 billion Tertiary Institutions Staff Support Fund loan from October 2026, with participating public tertiary institutions expected to begin recovering the funds from affected staff.

The development means thousands of academic and non-academic staff who benefited from the Federal Government-backed interest-free facility will begin repaying the loans through deductions from their monthly salaries.

The commencement of the repayment process was disclosed in a circular issued by the University of Maiduguri to beneficiaries of the scheme, indicating that the directive from the Bank of Industry is now being implemented at the institutional level.

The circular, dated September 14, 2026, and signed by the university’s Bursar, Ibrahim Umar, was titled, “Notice to Beneficiaries of Tertiary Institutions Staff Support Fund (BOI Loan).”

It stated, “This is to notify all beneficiaries of the Tertiary Institutions Staff Support Fund (BOI Loan) that the bank has directed the commencement of deductions for the repayment of the loan.”

The circular added, “Accordingly, deductions for the first set of beneficiaries will commence from October 2026.”

Affected staff were also advised to prepare for the commencement of the deductions.

“All affected beneficiaries are advised to take note of this development and make the necessary arrangements accordingly,” the bursar stated.

Although the notice was issued by the University of Maiduguri, the repayment arrangement relates to beneficiaries of the wider TISSF programme administered by the Bank of Industry, with deductions expected to be effected through participating institutions. 

The development comes about three months after the Federal Government announced the completion of the latest phase of the scheme, under which more than N13bn was disbursed to 7,450 academic and non-academic staff across 153 public tertiary institutions.

The June 2026 announcement represented an increase from the N11.8bn earlier reported as disbursed to 6,842 beneficiaries across 141 institutions.

The TISSF was established to provide interest-free financial support to staff of public tertiary institutions.

The facility is administered by the Bank of Industry, while participating institutions facilitate the repayment of beneficiaries through salary deductions.

Under the scheme, eligible beneficiaries can access loans of up to N10m, while repayment may be spread over a period of up to five years.

The official TISSF guidelines also provide that a beneficiary’s loan repayment is subject to a limit based on the staff member’s gross salary.

The facility was designed to provide financial support to tertiary institution workers for needs including accommodation, transportation, healthcare, agriculture, business development and academic or professional advancement.

With the repayment phase now scheduled to begin in October, beneficiaries of the first batch are expected to start seeing deductions from their salaries, while institutions participating in the scheme will handle the recovery process.

The commencement of repayment marks a new phase of the Federal Government’s TISSF programme, shifting the focus from the disbursement of funds to the recovery of the loans already granted to tertiary institution workers.