President Bola Tinubu has approved the disbursement of ₦40 billion in interest-free loans to academic and non-academic workers in Nigeria’s tertiary institutions, aimed at improving staff welfare and ensuring a stable academic calendar.
The approval was announced on Saturday at the 45th convocation ceremony of Ahmadu Bello University (ABU), Zaria. The President was represented at the event by the Minister of State for Education, Prof. Suwaiba Said Ahmad.
According to Tinubu, the Staff Loan Scheme is intended to relieve financial pressures on workers in the tertiary education sector, allowing them to concentrate more effectively on teaching, research and community service.
He explained that the Federal Ministry of Education had concluded arrangements with the Bank of Industry (BoI) to administer the facility at zero interest, with the Federal Government bearing the full interest cost.
The President disclosed that some beneficiaries had already accessed the loans since last year, while ₦40 billion has been set aside for further disbursement in 2026. Individual beneficiaries are eligible to access between ₦1 million and ₦10 million.
He added that the loans would be repaid over a five-year period, with a one-year moratorium, to ensure affordability and sustainability.
Tinubu reaffirmed his administration’s commitment to maintaining uninterrupted academic activities, stressing the importance of a stable academic calendar to the growth and development of tertiary institutions.
He commended the Tertiary Institutions Expanded Negotiation Committee, chaired by Alhaji Mahmud Yayale Ahmed, for facilitating agreements reached with the Academic Staff Union of Universities (ASUU), and assured that ongoing negotiations with other unions would be concluded.
The President also praised ABU for its contributions to teaching, research and community service, urging the institution to align fully with the Federal Government’s Tertiary Institutions Governance and Transparency Programme to promote accountability and data-driven management.
On infrastructure development, Tinubu lauded the university’s efforts to cut electricity costs through energy conservation and revealed that ABU would benefit from Phase IV of the Energising Education Programme, which provides round-the-clock power supply to federal tertiary institutions.
He noted that Phases I to III of the programme had already delivered more than 100 megawatts of clean energy to 24 federal universities and teaching hospitals nationwide.
Addressing the graduating students, the President encouraged them to embrace innovation and entrepreneurship, urging them to leverage the Students’ Innovation Venture Capital Grant, which provides up to ₦50 million in seed funding for student-led ventures without equity requirements.