In a landmark move aimed at empowering academic professionals and enhancing the welfare of tertiary institution staff, the Federal Government of Nigeria under President Bola Ahmed Tinubu has officially unveiled a transformative loan initiative: the N10 Million Five-Year Loan Scheme for staff of universities and polytechnics nationwide.
The scheme, announced today by the Federal Ministry of Education in collaboration with the Ministry of Finance, is designed to provide accessible, low-interest loans of up to ₦10 million to eligible academic and non-academic staff across Nigeria’s public tertiary institutions. The loan will be repayable over a period of five years, with flexible terms tailored to support personal development, housing, entrepreneurship, and other critical needs.
Minister of Education, Prof. Tahir Mamman, emphasized the government’s commitment to revitalizing the education sector by investing in the human capital that drives it. “This initiative is not just a financial intervention—it is a statement of value. Our educators and administrators deserve support that reflects their contribution to national development,” he said.
The scheme will be administered through a newly established Tertiary Staff Welfare Fund (TSWF), with oversight from a joint committee comprising representatives from the Academic Staff Union of Universities (ASUU), the Academic Staff Union of Polytechnics (ASUP), and relevant government agencies.
President Tinubu, in a statement released by the Presidency, noted: “Our administration recognizes that the strength of our education system lies in the hands of those who serve it. This loan scheme is a step toward restoring dignity, boosting morale, and fostering innovation among our educators.”
Interested staff members will be able to apply through an online portal set to launch in September 2025. Applicants will be required to submit proof of employment, a statement of purpose, and a repayment plan.