FG partners SunTrust Bank on N13bn Housing Scheme for civil servants

The hope of providing housing for 5, 635 civil servants across the federation came alive at the weekend during the launching of the Federal Government civil servants mortgage loan refinancing scheme by the Nigeria Mortgage Refinance Company (NMRC), in partnership with SunTrust Bank Plc.
Finance Minster, Mrs. Kemi Adeosun, at the launching ceremony, said “the Federal Government knows that it is only when workers are happy that they can give their best at their respective working place and as such the Government will ensure that Federal civil servants are happy to become landlords of their own.
“It is only fair that those who serve the country can be afforded the opportunity of owning their own homes by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages.”  
She further revealed that the FG has earmarked “N40 billion in the 2016 Budget for the implementation of a comprehensive housing scheme to address the housing challenges facing the country, improve the living conditions and welfare of our work-force and people, and generate gainful employment for our teeming youth. This is also in line with our overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.”
Managing Director of SunTrust Bank, Muhammed Jibrin, congratulated the Federal Government for the mortgage re-financing initiative and also assured the Federal Civil Servants that they have a solid partner to bank on at any point in time in his bank.
He said: “We are very happy this is happening today. This is to show how sensitive and worker-friendly the present administration is. The workers are the ultimate winners in this scheme as most of them, through this scheme will transit from being  tenants to landlords at a rate that will be very conducive for them.
He further stated that: “We started this journey four years ago, we saw this coming. We started out as a mortgage bank if you can remember and we also put this particular structure together and we have also been knocking on the doors of the Federal Government Staff Housing Loans Board and also the NMRC that now has the necessary funding and platform to be able to provide the funding. Nigerians are now very lucky to have a government that is truly ready and willing to provide support,  and it is the FG’s resolve to better the lives of its workers that makes it possible for us to witness this event today.”
Speaking also, Chief Executive Officer of the NMRC, Dr Charles Inyangete, said it is through Public and Private partnership in the mortgage sector that Nigeria can fully realized its economic potentials.
He said the NMRC is also partnering the Nigerian Institute of Quantity Surveyors for the success of the housing scheme.
Representative of the Head of Civil Service of the Federation Mr. Yemi Adelakun said the scheme will go a long way in ameliorating the suffering of the civil servants especially when they retire. He thanked the FG profusely for the scheme and pledged the loyalty of workforce to the success of this administration.
Mr. Adelakun said the mortgage re-financing scheme would further boost workers morale, as well tackle the issue of corruption as fear of retirement sometime makes the civil servants to act unethically.