Ekiti Governor Approves N361m Car Loans for 544 Workers

Ekiti State Governor Biodun Oyebanji has sanctioned the disbursement of N361.5 million in car loans to 544 state public service workers.

The announcement was made by Commissioner for Finance, Akintunde Oyebode, on Friday.

According to Oyebode, the loan amounts range from N250,000 to N2.5 million, depending on the recipient’s salary grade level. Additionally, the governor has approved a N200 million increase to the scheme’s funding pool to allow for more beneficiaries and ensure adequate funding.

The loan scheme now includes a 100 percent upward review of the individual loan amounts. To qualify, workers must have at least five years of service remaining and must demonstrate that they will retain at least 50 percent of their gross monthly pay after loan deductions.

This initiative follows a similar program in October of the previous year, when Oyebanji approved N136.3 million in car loans for 368 civil servants.