From Paul Osuyi, Asaba
As part of measures to cushion the economic impacts of the current inflationary trend, Governor Ifeanyi Okowa of Delta State has approved an upward review of the loan rates of the State Public Officers’ Vehicle Loan Scheme for all categories of workers.
The governor also approved the extension of the loan tenure from four years to six years to ease the burden of repayment.
Head of Service (HoS) in the state Mr Reginald Bayoko announced the approval in a circular letter reference number HOS 92/T2/62.
Bayoko stated that apart from reflecting the current inflationary trend, the approval would ultimately improve the welfare of public servants in the state.
According to the circular letter, the newly approved rates for officers on salary grade level 01 – 03 have been reviewed upward from N35,000.00 to N100,000.00 while officers on salary grade level 04 – 06 and 07 – 09, have been reviewed from N110,000.00 and N400,000.00 to N250,000.00 and N800,000.00, respectively.
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Similarly, officers on salary grade level 10 – 12 whose old rate was N500,000.00 has now been reviewed upward to N1 million while officers on salary grade level 13 – 14 would now enjoy N1.3 million from the old rate of N650,000.00.
For officers on salary grade level 15, they are now entitled to the sum of N1.5 million from the previous rate of N750,000.00, while the new rates for officers on salary grade levels 16 and 17 is now N1.7 from the former rate of N850,000.00
The governor also approved the upward review of the public officers’ vehicle loan rates for officers on consolidated salary grades from N1.5 million to N2.5 million.
According to the circular, the approved upward review of the new rates of the vehicle loan scheme is with immediate effect.