Governor Biodun Oyebanji of Ekiti State has approved the disbursement of N361.5 million as car loans to 544 workers in the state public service.
The Commissioner for Finance, Mr Akintunde Oyebode, while announcing this in a statement in Ado-Ekiti, said the governor also gave approvals to expand the scheme.
“Mr governor has approved the disbursement of N361.5 million 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 N200 million,” the commissioner said.
He said decision was 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.”
