Ekiti State Governor, Mr. Biodun Oyebanji, has approved the distribution of N361.5 million in car loans to 544 state public service workers.
According to The PUNCH, the Commissioner for Finance, Mr. Akintunde Oyebode, announced the decision in a statement on Friday, noting that the governor has also approved expanding 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.”
The Governor said this measure aims to ensure sufficient funding for the loan scheme, allowing it to accommodate more beneficiaries.
Oyebode added, “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.”
Last October, Governor Oyebanji approved the disbursement of N136.3 million in car loans to 368 civil servants in the state public service.
