Home » Public Servants get over N1bn for renovation – Loans Board

Public Servants get over N1bn for renovation – Loans Board

Dr Hannatu Fika, Executive Secretary, Federal Government Staff Loans Housing Board (FGSLHB) says over one billion Naira have been disbursed as renovation loan to civil servants. Fika said this in an interview with the Newsmen on sunday in Abuja, stating that over 2000 civil servants have so far benefitted from the loan.

She explained that the one million Naira renovation loan was being managed by the loans board on behalf of the Federal Mortgage Bank of Nigeria (FMBN) as agreed in an MoU signed in 2015 by the two agencies.

The Executive Secretary added that, the loan was initiated to help public servants who are the major contributors to the National Housing Fund (NHF) ” The labour unions have continuously complained that they have not gained anything from their monthly NHF contribution. ” So between the two agencies we decided to come up with this product of renovation loan, knowing that the NHF contribution of public servants is nothing to write home about.

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“However as of today we have received 22,000 applications and we are paying them in batches on first come first serve basis, it’s a short term loan for a period of four years.” She added that, those who have applied and are yet to be paid should remain hopeful as they would get their loan soon.

According to her the renovation loan scheme is backed by law to ensure sustainability of the product. Fika also noted that, the loan emanated from the call by the Labour unions for the transfer of the monthly National Housing Fund contributed by civil servants to the board.

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“The labor themselves have been the ones clamouring for the transfer of the monthly NHF contribution from FMBN to the Loans board. “The board then felt that it will be desirable if certain percentage of that contribution is released by the FMBN so that we can legally manage it and give account to the bank.”

Saka babtunde

Saka babtunde

I am Saka Babatunde, a Graduate of Social Science University of Ilorin, I am Passionate about politics and writing.
Connect me on hammad@nigeriadailytimes.com

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