Governor Biodun Oyebanji of Ekiti State has approved the disbursement of N361,500,000.00 as car loans to 544 workers in the State Public Service, Ekiti News reports.
This is contained in a statement from the State Commissioner for Finance, Mr Akintunde Oyebode and made available to newsmen in Ado-Ekiti.
According to the Commissioner, each beneficiary of the scheme will receive between N250,000.00 and N2,500,000.00, depending on their salary grade levels.
He also disclosed that as part of efforts to ensure adequate funding of the loans scheme, and for the programme to accommodate more beneficiaries, the Governor has also approved the increase of the scheme’s funding pool by N200million
The Commissioner said in addition, the Governor has also approved a 100% upward of the individual loan amount for benefitting Civil Servants
Oyebode however explained that to benefit from the loan scheme, workers must have spent at least 5 years in service, must have more than 5 years left and must demonstrate that they will retain at least 50% of their monthly gross pay after the loan deduction.
It would be recalled that Governor Oyebanji in October 2023 approved the disbursement of a sum of N136,260,000 as car loans to 368 Civil Servants in the State Public Service.