Governor Okowa Approves New Vehicle Loan Rates For Public Officers

Governor Ifeanyi Okowa has approved an upward review of the loan rates of the State Public Officers’ Vehicle Loan Scheme for all categories of officers to reflect current inflationary realities.
Announcing the new approved rates vide a circular letter signed by the Head of Service, Mr. Reginald Bayoko, with reference number HOS 92/T2/62, the governor also approved the extension of the loan tenor from four (4) years to six years to ease the burden of repayment.
”Conscious of the need to give more realistic outlook to the Public Officers’ Vehicle Loan Scheme (POVLS); His Excellency, the Governor, has graciously approved an upward review of the loan rates to reflect the current inflationary trend and ultimately improve the welfare of Public Servants in the State,” The circular stated.
According to the circular, the new approved rates for officers on salary grade level 01-03 has been reviewed upward from N35,000 to N100,000, while that for officers on salary grade level 04-06 and 07-09 has been reviewed from N110,000 and N400,000 to N250,000 and N800,000 respectively.
Similarly, officers on salary grade level 10-12 whose old rate was N500,000, has now been reviewed upward to N1,000,000 while officers on salary grade level 13-14 will now enjoy a new rate of N1.3million from the former rate of N650,000.
Officers on salary grade level 15 are now entitled to the sum of N1.5million from the previous rate of N750,000, while the new rates for officers on salary grade levels 16 and 17 is now N1.7million from the former rate of N850,000.
The governor also approved the upward review of the public officers’ vehicle loan rates for officers on consolidated salary grade from N1.5million to N2.5million.
According to the circular, the approved upward review of the new rates of the public officers’ vehicle loan scheme, takes immediate effect.
The Delta State governor had similarly approved the upward review of the Public Officers ‘Housing Loan rates for all categories of officers in the Delta State Public Service.