AdedayoAkinwale in Abuja
The Federal Mortgage Bank of Nigeria (FMBN), Monday revealed that it has disbursed N3.5 billion to 4,342 federal and state civil servants, as well as organised private sectors across the country through its Home Renovation Loans Scheme.
Its Managing Director, ‎Ahmed Dangiwa disclosed this in Abuja, at the disbursement and sensitisationprogramme for public servants on home renovation scheme.
He explained that the objective was to provide cheap source of loanable‎ funds to nurture and sustain the mortgage industry and eventually facilitate affordable home-ownership for the low and medium group in country.
Dangiwa stated that the fund, which is managed by the FMBN was sourced from 2.5% of the basic income of Nigerian workers who are earning the minimum income group.
Dangiwa commended the commitment and cooperation of the Head of Service of the Federation and the Executive Secretary of the Federal Government Staff Housing Loans Board (FGSHLB) for the collaboration with the bank, which enabled the approval of the sum of N643million being the fifth batch of the FMBN home renovation loans for 740 federal civil servants.
The latest disbursement, according to him, brought the total loan approved and disbursed by the FMBN under this loan window to federal civil servants through federal government staff housing loan board to N1.2billion for 1,347 beneficiaries.
Earlier, the Executive Secretary, ‎FGSHLB‎, Dr. HanatuFika said that the disbursement of the 5th batch of the loan scheme demonstrated the federal government’s commitment to the welfare of the civil servants.
She noted that addressing the mortgage need of the federal public servants would not only reduce the burden of payment of rents annually but would also eradicate the perceived corrupt practices among the workforce and serve as a source of motivation for workers to drive the administration’s war against corruption.