Ekiti State Governor Biodun Oyebanji has given his approval for the disbursement of N361.5 million in car loans to 544 state public service workers.
According to Finance Commissioner Akintunde Oyebode, the governor also sanctioned an expansion of the program’s scope.
Oyebode stated, “Mr governor has approved the disbursement of N361.5m as car loans to 544 workers in the state public service. Each beneficiary will receive between N250,000 and N2.5m depending on their salary grade levels.
“The governor has also approved the increase of the scheme’s funding pool by N200m.”
This, he said, was part of efforts to ensure adequate funding of the loan scheme and for the programme to accommodate more beneficiaries.
Oyebode said, “The governor has also approved a 100 per cent upward review of the individual loan amount for benefitting civil servants.
“To benefit from the loan scheme, workers must have spent at least five years in service, must have more than five years left and must demonstrate that they will retain at least 50 per cent of their monthly gross pay after the loan deduction.”
Recall that Oyebanji in October last year approved the disbursement of N136.3m as car loans to 368 Civil Servants in the State Public Service.
The move is aimed at supporting state workers in acquiring vehicles, with the loan amount totaling N361.5 million for the 544 beneficiaries.
