President Bola Tinubu has introduced a ₦40 billion Staff Loan Scheme to support employees in Nigeria’s tertiary institutions.
The initiative offers zero-interest loans to both academic and non-academic staff. Individual loan amounts range from ₦1 million to ₦10 million.
The Minister of State for Education, Prof. Suwaiba Said Ahmad, announced the plan at Ahmadu Bello University’s 45th convocation on Saturday.
The Federal Ministry of Education is partnering with the Bank of Industry to fund the project and will cover all interest costs.
Beneficiaries have five years to repay the loans. This includes a one-year grace period to ensure the repayments remain affordable for staff members.
The President also confirmed that the Energising Education Programme will soon bring 24-hour electricity to the university.
This project has already provided 100 megawatts of clean energy to 24 other federal institutions.
Finally, the President encouraged graduates to focus on job creation.
He noted that the university’s recent entrepreneurship programs are essential for preparing students for life after graduation.