FMBN To Spend N13bn On Home Renovation Loans



Federal Mortgage Bank of Nigeria (FMBN) has announced that it plans to spend about 13 billion naira on one of its special projects; the workers home renovation loan scheme in 2018.

Making the disclosure, Managing Director, Ahmed Dangiwa of FMBN at the Trade Union Congress of Nigeria (TUC) meeting, said the decision is in tune with the call for the Federal Governments Staff Housing Loans Board (FGSHLB) while also pushing for the recapitalization of the FMBN.

Dangiwa, who spoke to newsmen shortly after the monthly tripartite meeting between the two Labour Centres – Nigeria Labour Congress (NLC) and the TUC, the Nigeria Employers Consultative Association (NECA) and  the bank in Abuja said that at least 13,000 workers would benefit from the scheme this year.

“There are civil servants that don’t need the mortgage loan but they have their houses that will need to be upgraded. So we felt that instead of excluding them, we could find some micro financing which people could come over and get loan of one million naira to renovate their houses. Those who don’t need that can come for main NHF loan.”

He explained that, “we have disbursed over 6000 home renovation loans; even last year, 2017 we disbursed 6.3 billion Naira. We are budgeting 13 billion Naira at one million Naira per beneficiary, you can see the number of people that would be reached; up to 13 million people we access it.”

Meanwhile, TUC President Bobboi Kaigama has dismissed calls on the National Assembly to accommodate the channeling of 50 percent contribution of federal civil servant to the National Housing Fund and the Staff Housing Loan Board in the ongoing amendment of the act.

“Both are working for the Nigerian workers, the FGSHLB is only servicing, Federal Government workers while the FMBN is  servicing  federal, states, local governments and the private sector workers including the formal and informal sectors”, he added


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