FG Approves Home Loans For More Federal Employees

SAN FRANCISCO, February 26, (THEWILL) – The Governing Board of the Federal Government Staff Housing Loans Board at its 72nd Meeting held on Wednesday in Abuja, approved home loans for an estimated five hundred (500) federal workers.

A statement by Akinwale Adegbola, spokesman o the Federal government staff housing loans board, said the chairman of the Board and Permanent Secretary, Common Services Office, Dr. Babatope Ajakaiye commended the Board members and management for their commitment and wisdom in sustaining the integrity of the institution.

In her submission, according to the statement, the Executive Secretary of the Board, Dr. (Mrs.) Hannatu Adamu Fika, said the gesture is in line with the transformation agenda of the Administration of President Goodluck Ebele Jonathan to ensure that public servants own their homes.

The Board also considered and ratified the Memorandum of Understanding between the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Government Staff Housing Loans Board which aimed to alleviate the challenges faced by Public Servants in accessing soft loans to renovate their homes.

The purpose of the MOU is to promote and facilitate easy access by the interested Public Servants to the Home Renovation Loans Facility to the maximum of one million naira.

The single digit interest Home Renovation loan can be liquidated within four years or the remaining service year of a public servant.

In addition, the Board considered and approved the applications for partnership of some Private Estate Developers who were recommended by public servants to construct houses for them.