Tinubu okays ₦40bn zero-interest loans for tertiary institution staffs

President Bola Tinubu has approved the disbursement of ₦40 billion in zero-interest loans for lecturers and other workers in Nigeria’s tertiary institutions, in a move aimed at improving staff welfare and sustaining a stable academic calendar. He stated that the scheme is designed to ease personal and professional financial pressures faced by staff, thereby enabling them to focus more effectively on teaching, research and community service.

He further stated that the Federal Ministry of Education has finalised arrangements with the Bank of Industry (BOI) to provide zero-interest loans to eligible staff of tertiary institutions nationwide, with the Federal Government bearing the full cost of the interest as part of its staff welfare programme adding that the loans would be repayable over five years, including a one-year moratorium, to ensure affordability and sustainability for beneficiaries.

Written by Adeyemi Adewale