FMBN, FGSHLB disburse N3.35b home renovation loans to civil servants, others

The Federal Mortgage Bank of Nigeria (FMBN) has disbursed N3.35 billion home renovation loans to 4,342 beneficiaries across the country. Beneficiaries of the home renovation loans scheme comprised federal and states civil servants, as well as employees of the organised private sector.

Specifically, it disbursed N643 million to 740 federal civil servants in the fifth batch, bringing the total amount given out under the home renovation loans scheme to federal civil servants through the Federal Government Staff Housing Loans Board (FGSHLB), to N1.2 billion for 1,347 beneficiaries.

Managing Director of FMBN, Ahmed Dangiwa, disclosed this while presenting cheque to the beneficiaries of the scheme to mark the 2017 Africa Civil Service week. The conditions for accessing the loans include that the participant must be a contributor to the National Housing Fund up to maximum of N1 million.

Applicants must apply through the FGSHLB, must have at least five years to retirement from the service and a monthly repayment rate of 33.33 per cent deductible from the beneficiaries salaries, among others.

Dangiwa commended the Head of Service of the Federation, Mrs. Winifred Oyo-Ita Ekanem and the FGSHLB, Hannatu Fika for their commitment, collaboration and cooperation in facilitating the scheme.

“The cooperation is a clear demonstration by the Head of Service concern for the welfare of workers through partnerships and collaborations that will address the housing needs of public servants.

“This is also in line with one of the cardinal agenda of the current administration, which is provision of housing. It is common knowledge that housing remains one of the three basic necessities of human beings,” he added.

Responding, Oyo-Ita Ekanem, said that since the Federal Government lacked adequate resources to provide houses for all civil servants, it came up with an alternative of the home renovation loans scheme.

She said the process of approving and granting the loans by the FMBN and FGSHLB had been transparent and urged the beneficiaries to commit the loans to the purpose for which it was obtained.