It will be recalled that the University Governing Council had earlier approved the proposal of the staff’s Housing and Vehicle loan scheme and directed the University Housing and Car Loan Committee to request for interested members of staff to apply.

The Vice-Chancellor, Professor Odunayo Clement Adebooye while speaking on the disbursement of the first phase commended the Council of the University for the approval of the loan and upholding the proper welfare of staff in their top priority list.

He remarked that the Governing Council approved the payment of thirty-two million, seven hundred thousand naira(N32,700,000.00) for eighteen (18) staff under the car loan, and eighty-nine million five hundred thousand naira (N89,500,000.00) for thirty-two (32) staff under the housing loan scheme. However, due to paucity of funds, he said the University decided to implement the disbursement in phases, hence the reason for the disbursement of twenty-five million naira (N25,000,000.00) to eleven (11) members of staff in this first phase.

Professor Adebooye further stated that one of the criteria that was used to determine those eligible for the loan is the financial standing in relation to the monthly take-home of the staff and he is sure the repayment of the loan with just four (4) percent interest rate in four (4) years will be very easy for the staff. He urged the beneficiaries of this loan to utilize the money for the exact reason that they took the loan and be committed to the progress of the University.