Business
NHF: Civil Servants Task FMBN On Accomodation
The General Manager, Nigerian Content Development/Nigerian Agip Oil Company, Mrs Callista Azogu (1st right) signing the M.o. U between Nigerian Agip Exploration and Petroleum Technology Association of NIgerian while others watch, recently in Port Harcourt
Civil Servants in Rivers
State have appealed to the management of the Federal Mortgage Bank of Nigeria (FMBN) to ensure that its promise of accommodation through the National Housing Fund was fulfilled.
Some civil servants who spoke with The Tide in Port Harcourt at the weekend said they were weary of such promise which always ended in the pages of newspapers.
One Mrs Ibilagba West said that over the years, some ‘smart’ people in the banking industry have used such means to dupe civil servants of their hard earned income.
She regretted that the workers have now become a platform to execute all sorts of transactions. West, said if the FMBN are claiming to be sincere in their promise, they should commence the first phase of the project before the end of the first quarter of next month.
According to her, executors of such ventures also capitalise on the plights of the average Nigerian worker to rob them of some other attainable benefits, while calling on the Labour Congress to set up machineries that will henceforth regulate such promises.
Another respondent, Mr Joe Ogbu blamed the situation on the inability of the government to provide some basic needs of its workers.
He recalled that in the Western world, things like accommodation have been almost forgotten issue, due to the level of attention given to it.
Ogbu, also tasked those in authority to as a matter of urgency, draw attention to the welfare of the workers.
Concerning the issue of ATM card issuance as promised by FMBN to the contributors of the National Housing Fund in June, the civil servants called on Bank to expedite action, maintaining that they were tired of what they described as too much explanations.
They argued that since the workers are the main source of the country’s economic productivity, it would be a healthy practice to also make them the first partakers of every other of its benefits.
They also described as pitiable a situation where most civil servants retire with nothing to show for it, adding that something meaningful ought to be done.
FMBN, had promised to give out loan of up to the tune N15 million, to stretch within 30 years with an interest rate of six per cent.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.