The Chief of Army Staff, COAS, Lt. Gen. Olufemi Oluyede has announced an increment for troops’ daily Ration Cash Allowance, RCA, saying the the welfare of soldiers was a priority to the Army.
The increment will see troops receive N3,000 monthly as Ration Cash Allowance as against N1,500.
He also disclosed a three per cent interest loan for soldiers, while addressing officers and soldiers of the 81 Division of the Nigerian Army at the 9 Brigade parade ground, Ikeja Cantonment, Lagos.
Lt. Gen. Oluyede, who was in Lagos on an inspection tour of project sites of the 81 Division of the Nigerian Army on Wednesday, said the increment would begin at the end of March.
“We have deliberately kept our rate low to make it accessible. More funds will be injected into the scheme, so if you have pressing financial needs, you are encouraged to apply. It comes with just a 3% interest rate. If you go to banks, the lowest interest rate you will find is around 25%.
“However, I want to advise that if you do not truly need it, or if you are not in urgent need, it is best not to take it. But it is available to you, it is your right, and you can apply for it at any time. Once approved, you will receive it as quickly as possible.”
“I am going to build on what my predecessors have done in improving the welfare of our personnel. In December, under the Nigerian Army Housing Scheme, we unveiled the first set of houses in Abuja. And as I speak, we are beginning a new set in Ibadan, Oyo State.
“We have also secured land for another set in Jos, Plateau State. Additionally, we are developing housing units in Port Harcourt, Rivers, Owerri, Imo and Akwa Ibom State. This will ensure a widespread distribution of houses that soldiers can subscribe to.”
We are accelerating the process so that more personnel can benefit. I want you to believe in this system because it is worthwhile. This is a significant investment by the Army to ensure you have a comfortable service life.”