As part of efforts by the present administration to check housing deficit, the Federal government has launched the N13 Billion Federal Civil Servants Mortgage Refinancing Scheme by the Nigeria Mortgage Refinance Company Plc (NMRC).
Finance Minister, Kemi Adeosun at the occasion said it was in recognition of the importance of Housing, that the 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 our work-force and people, and generate gainful employment for our teeming youth.
She noted that it was “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 said.
She further stated that 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 (FGSHLB), the Federal Integrated Staff Housing Programme (FISH), and the Nigeria Mortgage Refinance Company Plc (NMRC).
According to the Minister, 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, and should send signal to investors at home and abroad that there are significant opportunities in the Nigerian Housing Sector.
She revealed that the Ministry of Finance has concluded arrangements to provide a complementary and sustainable Housing Market Finance ecosystem to address the challenges of affordable housing.
She also said 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, and use its funds to selectively intervene in the areas of developer financing and mortgage provision, stressing that the scheme is being implemented in partnership with State Governments who will contribute land with the necessary approvals.
