FG partners SunTrust Bank on N13bn housing scheme for workers

The hope of providing housing for 5,635 civil servants nationwide has come alive with the launching of the Federal Government civil servants mortgage loan refinancing scheme.

It was launched by the Nigeria Mortgage Refinance Company (NMRC) in partnership with SunTrust Bank Plc.Minister of Finance, Kemi Adeosun, during the launch said the Federal Government was aware that it was only when workers were happy that they could give their best.

She added that the government would ensure that federal civil servants owned their own houses.According to her: “It is only fair that those who serve the country should be given the opportunity of own their own houses after retirement. We have to put in place the right incentives as part of our anti-corruption crusade to plug leakages.  

“The Federal Government has earmarked N40 billion in the 2016 budget to implement a comprehensive housing scheme to address the housing challenges, improve the living conditions and welfare of our work people and generate employment for our youths. This is also in line with our overall objective of providing the necessary stimulus to kick-start growth in the current economic recession.”

The Managing Director of SunTrust Bank, Muhammed Jibrin, congratulated the Federal Government for the initiative and assured the workers of the financial institution’s support anytime this was needed.

He said: “We are very happy this is happening today. This is to show how sensitive and worker-friendly the present administration is. The workers are the ultimate winners as most of them, through this scheme will transit from being tenants to landlords at a rate that will be very conducive for them.

“We started this journey four years ago, we saw this coming. We started out as a mortgage bank, if you can remember and we also put this particular structure together and have been knocking on the doors of the Federal Government Staff Housing Loans Board and also the NMRC that now has the necessary platform to be able to provide the funding.

“Nigerians are now very lucky to have a government that is truly ready and willing to provide support and it is their resolve to better the lives of the workers. This is the reason for this event today.”

The Chief Executive Officer of the NMRC, Dr. Charles Inyangete, said it was only through partnership with the public and private participants in the mortgage sector that Nigeria could fully realise its economic potential.

He added that the NMRC was also partnering the Nigerian Institute of Quantity Surveyors to ensure the success of the housing scheme.

Representative of the Head of Civil Service of the Federation, Mr. Yemi Adelakun, said the scheme would help to solve the housing needs of the civil servants, especially when they retire.

He thanked the Federal Government for the scheme and pledged the loyalty of the workers to the administration.Adelakun said the scheme would boost the workers’ morale and lead to reduction in unethical practices as fear of retirement has been addressed.