The Minister of Education, Dr Tunji Alausa, in a statement said that the fund was a direct response to the welfare and professional growth needs of the nation’s tertiary institution workforce.

“Our members do not lack where to find loans; indeed, they are already deep in debt from such loans.

“What we need now is for government to sign our renegotiated agreement, which will improve our purchasing power and decrease our reliance on debts from cooperative societies.