Business
National Housing Scheme: Enugu State Pays N83m To FMBN
The Enugu State Government has paid over N83 million to the Federal Mortgage Bank of Nigeria (FMBN), to reactivate the participation of her workers in the National Housing Scheme.
The State Governor, Mr. Sullivan Chime, who made this known recently on the occasion of the re-launch of the state into the National Housing Fund scheme held at Okpara Square, Enugu.
Chime, who was represented by his deputy, Mr. Sunday Onyebuchi, explained that the re-launch of the state into the scheme became very necessary since government alone cannot solve the housing needs of its workers , especially with the growing population of the workforce and high cost of building materials in the country.
The Governor, however , noted with dismay that the scheme became moribund after it was launched in 2007 due to some irregularities in the handling of money deducted from workers for the fund and said that adequate measures have been put in place to check a recurrence.
According to him, the re-launch was part of the recommendations made by a committee set up by government in 2008 to reconcile all deductions made by its ministries, departments and agencies (MDAs) to the fund.
He assured that everything possible would be made to ensure the success of the scheme, adding that the State Head of Service had been directed to monitor desk officers of the National Housing Scheme in the State to ensure that monies deducted are remitted to the bank promptly.
Also, those participating in the scheme must ensure that money deducted are properly credited in the Ministry of Finance and reflected in their own passbooks.
Speaking, the Head of Service, Mr. Chris Ugwu outlined the advantages of the scheme over the commercial housing loans.
According to him, eligibility required for the scheme is by merely contributing to the fund for six months which qualifies one to apply for loan, and listed the advantages of the scheme as the long period of prepayment up to 30 years, and relative lower interest rate than the prevailing market rate.
Others, he went on, includes easy accessibility to both low and medium income earners, loan repayment on monthly basis, which makes it very convenient, among others.
Ugwu stated that with the re-launch of the scheme, the FMBN would provide the necessary funds for the Enugu State Housing Development Corporation to build houses on owner-occupier basis for participating workers in the state.
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