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Nigerian coop society offers soft loans to staff

ABUJA, March 11, 2024 – The Nigeria Correctional Service Cooperative Society [NCoS] said recently it gave out soft loans to members to cushion them from the biting economy.

The General Manager of the Cooperative Society, Lydia Abraham disclosed this at the 27th Annual General Meeting AGM] of the Correctional Service Multipurpose Cooperative Society held in Abuja recently.

The increasing cost of living in Nigeria sparked demonstrations as youth and women from various parts of the country took to the streets to air out their concerns, joined by the Nigerian Labour Congress to protest the economic difficulties in the country.

Abraham said the cooperative aims at enhancing the welfare of every Nigeria Correctional Service staff while in active service, after retirement and upon demise.

She said a large number of officers are retiring from the correctional service this year, requiring the payment of substantial amounts in terminal benefits.

She also noted that some beneficiaries of the staff housing scheme have completed their buildings, while majority are still paying for the land within the period of five years.

“The Staff housing scheme was flagged off on the November 21, 2020 with the acquisition of 160 plots of land at the KYC La Villa Diamante Housing Estate, Airport Road Abuja.

“The repayment period for the land is 5 years commencing from November 2020 and payments are still ongoing. Some beneficiaries have completed their buildings, others are under construction while majority are still paying for the land,” she added.

At the event, the Controller General of the Nigeria Correctional Service, Haliru Nababa said NCoS is a reference point for other organisations in the country.

Nababa noted, “Nigerian Correctional Service through various activities has given a very good account of itself by way of addressing the basic welfare concerns of staff.

He urged the cooperative society to urgently come up with measures to reduce the economic hardships on members.

However, given the state of the Nigerian economy and the attendant high cost of living, we have an urgent demand to think outside the box and come up with measures that will help bridge the prevailing economic gaps for our personnel.

“The need for them to be in the right frame of mind to concentrate on their duties rather than living under the pressure of trying to make ends meet, should drive us to passionately pursue this goal,”Nababa said.

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