The Federal Government on Friday inaugurated a N13bn mortgage refinancing scheme for federal civil servants.
The Minister of Finance, Mrs Kemi Adeosun while launching the scheme stated that a total of 5,635 civil servants would benefit from the scheme under the first phase.
She said the government had in recognition of the importance of housing earmarked N40bn in the 2016 budget for the implementation of a comprehensive housing scheme.
This, according to her was to 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 said the move is also in line with the government’s overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.
She said, “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.
“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.
“We have to put in place the right incentives as part of our anti-corruption drive to plug leakages.”
She said the scheme is a collaboration steered 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.
She expressed optimism that the N13bn 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.
The Managing Director, NMRC, Prof Charles Inyangete said that the agency would continue to provide liquidity to the housing market.
He said with the level of huge housing deficit in the country, there is need for the those involved in housing delivery to come up with affordable houses for the people.