FG processes N1.7bn university staff loan balance after N13.3bn disbursement

The ministry identified inadequate awareness among some eligible workers and institutions as one of the early difficulties. It said collaboration with staff unions was subsequently used to improve communication, while programme officials also worked with heads of institutions to strengthen information sharing.

Another challenge involved university bursars, who initially experienced difficulties understanding their responsibilities within the application and processing system.

The ministry said the programme team and BOI responded by providing dedicated support to bursars in individual institutions and refining the conditional-access process to speed up applications.

Eligibility verification has also generated complaints from some applicants. According to the ministry, some workers challenged automated decisions that found them ineligible for the facility.

The programme team and BOI have continued to engage institutions to explain the verification procedures and make adjustments based on lessons from implementation.

N13.3bn disbursed as demand grows

The gap between the 28,987 applications approved and the 7,450 beneficiaries who have received funds highlights the additional stages involved before an approved application becomes an actual loan disbursement.

These stages include institutional onboarding, employment verification and other checks required by the programme.

With N13.3bn already disbursed from the N15bn transferred to BOI, the Federal Government is now processing the outstanding N1.7bn.

The pace at which the remaining funds are released will depend on the completion of the required institutional and verification procedures.

The ministry said information about the scheme is available through the TISSF information portal, while applicants use the Bank of Industry platform for loan processing.