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LASUSTECH Increases Staff Housing Loan Limits, Cites High Cost of Living





By Igwe Grace Chiamaka 

Lagos State University of Science and Technology (LASUSTECH) has approved an increase in the housing loan available to members of staff to help them cope with the country's rising cost of living. 

The decision was approved by the university's Executive Management Committee (EMC) during its recent meeting. Under the new arrangement, staff on CONUASS/CONUNASS 5–7 and 13–15 will now receive housing loans ranging from ₦3 million to ₦5 million, up from the previous ₦1.5 million to ₦3 million. 

Similarly, staff on CONUASS/CONUNASS 3–4 and 11–12 will now access loans of ₦2 million to ₦3 million, compared to the previous ₦1 million to ₦1.5 million. Staff on CONUASS/CONUNASS 1–2 and 6–9 will receive between ₦1.5 million and ₦2 million, up from ₦900,000 to ₦1.5 million, while CONUNASS 2–5 will now receive ₦700,000 to ₦1 million, instead of the previous ₦500,000 to ₦700,000.

Furthermore, the committee approved the introduction of site inspections and document verification before housing and vehicle loans are disbursed. The measure is aimed at improving transparency and ensuring proper verification before the loans are released.

However, the university noted that although the loan amounts have been increased, the overall budget for the housing loan scheme remains unchanged. As a result, the number of beneficiaries may be reduced to accommodate the new loan limits.

The management said the initiative is designed to improve staff welfare while maintaining transparency and accountability in the administration of the university's housing loan programme.

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