Tinubu Approves ₦40bn Zero-Interest Loans for University Lecturers, Staff

Tinubu Approves ₦40bn Zero-Interest Loans for University Lecturers, Staff
‎Discloses that the Federal Ministry of Education has finalised arrangements with the Bank of Industry
Urges graduate them to embrace innovation and entrepreneurship

‎President Bola Tinubu has approved the release of ₦40 billion in zero-interest loans for lecturers and other workers in Nigeria’s tertiary institutions, reinforcing the Federal Government’s commitment to staff welfare and a stable academic calendar.

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‎Eko Hot Blog reports that the President announced the approval on Saturday at the 45th convocation ceremony of Ahmadu Bello University (ABU), Zaria, where he was represented by the Minister of State for Education, Prof. Suwaiba Said Ahmad.

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‎According to Tinubu, the Staff Loan Scheme was introduced to ease financial pressure on both academic and non-academic staff, allowing them to focus on teaching, research, and community service.

‎“As part of our efforts to improve staff welfare in tertiary institutions, we have introduced a Staff Loan Scheme designed to provide accessible financial support to employees across the sector,” the President said.

‎He disclosed that the Federal Ministry of Education has finalised arrangements with the Bank of Industrya (BoI) to provide the loans at zero interest, with the Federal Government covering the full interest cost.

‎Tinubu noted that some staff members had already accessed the facility since last year. For 2026, he said, ₦40 billion has been set aside for disbursement, with individual loans ranging from ₦1 million to ₦10 million.

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‎The loans, he added, will be repayable over 5 years, including a 1-year moratorium, to ensure affordability and long-term sustainability.

‎The President also reiterated his administration’s commitment to maintaining a stable academic calendar, stressing that frequent disruptions undermine the growth of tertiary institutions.

‎“In this regard, I reaffirm this administration’s commitment to keeping our institutions open in line with approved academic calendars,” he said.

‎Tinubu commended the Tertiary Institutions Expanded Negotiation Committee, led by Alhaji Mahmud Yayale Ahmed, for facilitating agreements with the Academic Staff Union of Universities (ASUU), assuring other unions that outstanding negotiations would be resolved in due course.

‎He praised ABU for its achievements in teaching, research, and community service, urging the university to sustain alignment with the Federal Government’s Tertiary Institutions Governance and Transparency Programme, which promotes accountability and data-driven governance.

‎On infrastructure, the President applauded ABU’s efforts to cut electricity costs through energy conservation and revealed that the university would benefit from Phase IV of the Energising Education Programme, which provides 24-hour electricity to federal tertiary institutions.

‎He said Phases I–III of the programme have already delivered over 100 megawatts of clean energy to 24 federal universities and teaching hospitals across the country.

‎Addressing graduating students, Tinubu urged them to embrace innovation and entrepreneurship, encouraging them to take advantage of the Students’ Innovation Venture Capital Grant, which offers up to ₦50 million in seed funding for student-led ventures without equity requirements.

‎He also highlighted the National Implementation Guidelines on Drug and Substance Use in Nigerian Institutions, describing it as a critical policy to curb drug abuse and improve learning outcomes through curriculum reforms, awareness programmes, and collaboration with the National Drug Law Enforcement Agency (NDLEA).