FG seeks alternative funding for civil servants’ mortgage needs

FG seeks alternative funding for civil servants’ mortgage needs
June 06 12:24 2016

The Federal Government Staff Housing Loans Board has ratified a partnership with the Nigeria Mortgage Refinance Company (NMRC) to provide alternative funding for civil servants’ mortgage needs.

At the 74th meeting of the board held in Abuja, Executive Secretary of the board, Dr. Hannatu Adamu said the organisation considered partnership with Nigeria Mortgage Refinance Company for the refinancing of the outstanding loans applications in its quest to address the backlog.

She said the partnership would follow all the existing due process and would be done in line with the provisions of the Act establishing the board.

According to her, the partnership was necessary due to the increasing demand for housing loans, inadequate funding and the obvious economic downturn which made it imperative for the board to think outside the box.

Meanwhile, the Governing Board has expressed displeasure over the slow pace in advancing renovation loans to public servants who applied under the partnership arrangement between Federal Government Staff Housing Loans Board and the Federal Mortgage Bank (FMBN).

According to the board, the renovation loan was initiated by the two agencies to douse apprehension among federal public servants who are major contributors to the National Housing Funds (NHF).

Chairman of the board and Permanent Secretary (CSO), Mr Yemi Adelakun said the present administration was committed to enhancing the welfare of staff through the provision of affordable houses in order to reduce the national housing deficits estimated to be about 17 million.