The Governor of Osun State, Gboyega Oyetola has approved the resuscitation of the Vehicle Refurbishing Loan obtainable by various categories of public servants.
This is contained in a Circular Letter signed by the Permanent Secretary Ministry of Finance who is also the Chairman of the Vehicle Refurbishing Loan Committee, Mrs Adebimpe Ogunlumade and made available to newsmen in Osogbo on Friday.
The circular added that the step is a reassurance that the welfare of Public Servants is paramount to the State Government of Osun in view of the fact they are the instruments through which government policies and programmes are effectively implemented and delivered.
According to the circular, the approved rates of the vehicle refurbishing loan to various categories of workers are: grade level 1-3 #200,000.00, grade level 4-6 #250,000.00, grade level 7-8 #350,000.00, while grade level 9-10 can obtain #400,000.00.
For other categories, grade level 12 can obtain #500.000.00, grade level 13-15 #600.000.00 while grade level 16-17 will have the opportunity of obtaining #750.000.00.
According to the circular, applicants are expected to obtain an application form of #1,000 only which will be bought through the Department of Finance and Accounts/Establishment or Administration and Supplies as applicable of each agency of government withing two weeks from the date of the circular.
The circular adds that the loan, which is expected to be paid back within a maximum of five years of 60 instalments, is a continuous exercise and will be done in batches. Hence the Vehicle Refurbishing Loan is a revolving loan, so as to accommodate as many eligible applicants as possible.
The circular letter reads in part, “Officers who are likely to suffer financial embarrassment on being granted that Vehicle Refurbishing Loan will not be considered in line with extant Financial Regulation 18001; it should also be noted that the scheme is a continuous exercise and would be done in batches and is a revolving loan so as to accommodate as many eligible applicants.
“The Vehicle Refurbishing Loan committee hereby states unequivocally that it is poised to ensure fairness and equity in its operation. All public servants are therefore implored to allow the committee operate freely without undue interference in its activities, as all applicants from various Agencies of Government will be treated fairly”.
