FG Launches N13bn Mortgage Refinancing Scheme For Civil Servants
The Federal Government has launched a N13 billion mortgage refinancing scheme for federal civil servants to be managed by the Nigeria Mortgage Refinance Company Plc (NMRC).
In the first phase, a total of 5,635 civil servants would benefit from the scheme which the government said would address the housing challenges facing the country, improve the living conditions and welfare of its work-force and people and generate gainful employment for the youth.
The Minister of Finance, Mrs Kemi Adeosun while launching the scheme in Abuja on Friday said “the government had in recognition of the importance of housing earmarked N40 billion in the 2016 budget for the implementation of a comprehensive housing scheme line with the government’s overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.”
Adeosun noted that the N13 billion mortgage refinance investment commitment by the NMRC, would signal to investors at home and abroad that there are significant opportunities in the Nigerian housing sector.
According to the finance minister, “the Federal Civil Service workforce play an important role in nurturing and developing our nation so it is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement.”
To check untoward activities, Kemi Adeosun stated that government has “put in place the right incentives as part of our anti-corruption drive to plug leakages.”
The scheme is a collaboration initiated by the Office of the Head of Civil Service of the Federation, the Federal Government Staff Housing Loans Board, the Federal Integrated Staff Housing Programme and the Nigeria Mortgage Refinance Company Plc.
Managing Director of NMRC, Prof Charles Inyangete assured the government that the agency would continue to provide liquidity to the housing market, noting that with the huge housing deficit in the country, “there is need for those involved in housing delivery to come up with affordable houses for the people.”