In furtherance of
its sustained efforts to offset housing deficit in the country, the Federal
Government has launched a N13 billion Federal Civil Servants Mortgage
Refinancing Scheme by the Nigeria
Mortgage Refinance Company Plc (NMRC).
Speaking at the
launch event, the Minister of Finance, Mrs.
Kemi Adeosun, said that the initiative was informed by the increasing need
to address the housing challenges being faced by ordinary Nigerians by the
present administration. According to her, this is why the government earmarked
N40 billion in the 2016 budget for the implementation of a comprehensive
housing scheme, improve the living conditions and welfare of workers and
people, and generate gainful employment for teeming unemployed youths.
She explained: “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.”
She explained
further that the scheme was 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).
According to her,
the N13 billion mortgage refinance investment commitment by the NMRC, is coming
on the heels of its N8 billion initial bond issuance, the proceeds of which
have been fully utilised in refinancing. Adeosun expressed the hope that the
sundry housing development initiatives of the government should send signals to
investors at local and international environments that significant
opportunities abound in the Nigerian housing sector for investment.
She also disclosed
that the Ministry of Finance had concluded arrangements to provide a
complementary and sustainable Housing Market Finance ecosystem to address the
challenges of affordable housing. (NationalMirror)
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