December 9, 2016

FG approves N13bn mortgage loan for civil servants housing scheme



By Favour Nnabugwu

THE federal government in conjunction with Nigerian Mortgage Refinancing Company (NMRC), yesterday, launched N13billion refinancing loan for civil servants housing scheme across the country.

The Minister of Finance, Ms Kemi Adeosun at the launching of the mortgage refinancing scheme in Abuja, said that government would start the first batch with 5,635 beneficiaries.

The Mortgage refinancing scheme of the federal government was still open to local and foreign investors through the Public Private Partnership (PPP) under the Federal Integrated Staff Housing (FISH) programme of the Head of Civil Service of the Federation.

She said, “In recognition of the importance of Housing, this administration earmarked N40billion 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 our work-force and people, and generate gainful employment for our teeming youth.”

She said, “the N13 billion mortgage refinance investment commitment by the NMRC, following on the heels of its N8billion 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 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, and use its funds to selectively intervene in the areas of developer financing and mortgage provision. The scheme is being implemented in partnership with State Governments who will contribute land with the necessary approvals.

She expatiate further, “It is a financing solution that will bring money from the private sector, pension and insurance funds, multilateral and international agencies to drive an intervention in the areas of development finance and mortgage provision.”