The Coordinating Director of the Oyo State Universal Basic Education Board, Jacob Dairo, made this known in a statement on Friday.

Dairo said that the loan is coming as a palliative to the teachers so as to cushion the effect of the removal of payment of subsidy on petrol.JAMB Result

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“It scares me that bandits are not taken to courts even though

According to Dairo, the loan which will be disbursed in tranches is to cushion the effects of the economic crisis in Nigeria on the teachers.

“The loan scheme was approved by the state Gov. Seyi Makinde who has instructed that there should be no favouritism,” he added.NYSC Portal 

The coordinating director also advised the beneficiaries of the loan to use the money for the purpose they were given.JAMB Portal

Dairo further stated that the loan which will be granted by financial institutions is to be redeemed within 40 months.