WTO chief Okonjo-Iweala lauds President’s economic reforms
By Eshiorameh Sebastian and Ada Samson, Abuja
The Federal Government has introduced a new financial support scheme for staff working in Nigeria’s higher education sector.
Under the Tertiary Institution Staff Support Fund, both academic and non-academic employees at universities, polytechnics and colleges of education can access interest-free loans worth up to 10 million naira.
This is just as the Director General of World Trade Organization, Okonjo-Iweala showered praises on President Bola Ahmed Tinubu over his reform agenda.
Education Minister, Tunji Alausa, launched the initiative on Thursday as part of President Bola Tinubu’s wider education reform programme. The scheme aims to improve working conditions, facilitate career development and increase financial stability for tertiary institution staff across the country.
Beneficiaries will have up to five years to repay the loans, with payments not required during the first year. The funding can be used for various purposes including transport costs, healthcare expenses, housing needs, agricultural projects and professional development opportunities.
The programme represents the latest attempt to address longstanding welfare challenges facing Nigeria’s higher education sector. It comes amid ongoing discussions about improving conditions for teaching staff and support workers in the country’s tertiary institutions.
“This programme is not just a welfare package; it is a strategic empowerment platform designed to give our academic and non-academic staff the financial stability they need to serve our students with renewed dedication and to live with dignity and pride,” Alausa said.
The minister explained that the scheme had been established through collaboration between the Tertiary Education Trust Fund, the Bank of Industry and government education planners. He described it as a key component of the national strategy for education sector reform.
Official figures indicate that fewer than 30% of higher education staff in Nigeria have engaged in formal professional development programmes since 2019. The new initiative aims to address this significant training gap across the nation’s universities and colleges.
The application portal opened on Thursday, with the government assuring transparent implementation through robust monitoring mechanisms.
Alausa described the initiative as another testament to President Tinubu’s “progressive investment in education” and likened it to the Nigeria Education Loan Fund (NELFUND), which has already recorded significant success.
“This programme is not just a welfare package, it is a strategic empowerment platform designed to give our academic and non-academic staff the financial stability they need to serve our students with renewed dedication and to live with dignity and pride.
“It is an integral part of President Bola Ahmed Tinubu’s Renewed Hope Reform Agenda for Education, which places people, our greatest asset, at the centre of transforming our education sector and growing our economy.
“The TISSF is a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry. It is a 0% interest loan scheme aimed at enhancing welfare, supporting career development, and promoting financial independence for staff in Nigerian tertiary institutions .Nigerian art and crafts
“The fund responds to the economic pressures and professional development gaps faced by our staff. Studies show that over 70% of tertiary institution staff in Nigeria have not participated in structured capacity-building programmes in the last five years. TISSF is here to change that,” the minister said
Meanwhile, the Director-General of the World Trade Organization, Dr Ngozi Okonjo-Iweala, has praised President Bola Tinubu’s economic reforms for helping to stabilise Nigeria’s economy.
Speaking to journalists at the Presidential Villa in Abuja on Thursday following a private meeting with the president, the WTO boss acknowledged the government’s measures to steady the economy as an important foundation for sustainable growth.
She said, “The president and his team have worked hard to stabilize the economy and you can’t really improve an economy unless it’s stable. He has to be given the credit for the stability of the economy, so the reforms have been in the right direction,”
She stated that stabilising the economy was only the beginning of a broader recovery agenda.
The WTO boss however stressed that more work was needed to stimulate inclusive growth and alleviate poverty in the country.
Mrs Okonjo-Iweala said, “What is needed next is growth. We now need to grow the economy, and we need to put in social safety nets so that the people who are feeling the pinch of the reforms can also have some support to be able to weather the hardship. That’s the next step, how do we build social safety nets to help Nigerians cushion the hardship they are feeling and how do we grow the economy so we can create more jobs and put money in people’s pockets? These are issues we discussed with the President.”
She stressed the need for policies that directly impact the lives of Nigerians and create economic opportunities.
Mrs Okonjo-Iweala assured of the WTO’s continued support for Nigeria’s economic revival.
The meeting signals continued collaboration between the Tinubu-led government and international partners to drive economic recovery.
The World Bank acknowledges that Nigeria’s economy is stabilising under President Tinubu’s administration, with projected growth of 3.6 per cent in 2025.
This positive outlook is attributed to macroeconomic reforms, particularly in the petroleum, foreign exchange, and power sectors, which are creating a more stable business environment.
While inflation remains a challenge, the World Bank noted that the reforms were yielding positive results, including a significant increase in national revenue and a reduction in the fiscal deficit.
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