FG Launches N13bn Mortgage Loan Refinancing Scheme for Civil Servants

By Ndubuisi Francis in Abuja
 

The federal government has launched a N13 billion Federal Civil Servants Mortgage Refinancing Scheme through the Nigeria Mortgage Refinance Company (NMRC).

With the scheme, NMRC will refinance mortgages for 5,635 beneficiaries of the federal government workforce. 

At the launch in Abuja yesterday, the Minister of Finance, Mrs. Kemi Adeosun stated that in recognition of the importance of housing, the current administration earmarked N40 billion in the 2016 Budget for the implementation of a comprehensive housing scheme to address the housing challenges facing the country, improve the living conditions and welfare of the workforce and people, and generate gainful employment for the nation’s teeming youth. 

Civil servants she stated, play an important role in nurturing and developing the nation, noting: “It is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages.”

“This is also in line with our overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.

“Today, we are proud to announce the scheme for the refinancing of mortgages for 5,635 beneficiaries of Federal Civil Service by the Nigeria Mortgage Refinance Company Plc.

“Civil servants 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. We have to put in place the right incentives as part out anti-corruption drive to plug leakages,” the minister added.

The scheme, she disclosed, is a collaboration steered by the Office of the Head of Civil Service of the Federation, the Federal Government Staff Housing Loans Board (FGSHLB), the Federal Integrated Staff Housing Programme (FISH), and the Nigeria Mortgage Refinance Company Plc (NMRC).

“The N13 billion mortgage refinance investment commitment by the NMRC, following on the heels of its N8 billion initial bond issuance, the proceeds of which have been fully utilised in refinancing, should signal to investors at home and abroad that there are significant opportunities in the Nigerian housing sector.

“The Federal Ministry of Finance has concluded arrangements to provide a complementary and sustainable housing market finance ecosystem to address the challenges of affordable housing,” she said.

The minister addef that the Family Homes Fund (FHF) Ltd is an innovative private sector driven financing solution that will catalyse funds from the private sector, pension and insurance funds, multilateral agencies, and impact investors, using its funds to selectively intervene in the areas of developer financing and mortgage provision. 

Adeosun invited willing investors to explore the emerging investment opportunities in Nigeria’s housing sector, and support the federal government’s initiatives towards providing affordable housing for Nigerians.