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FG Launches N13bn Mortgage Loan Refinancing Scheme for Civil Servants

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  • FG Launches N13bn Mortgage Loan Refinancing Scheme for Civil Servants

The federal government has launched a N13 billion Federal Civil Servants Mortgage Refinancing Scheme through the Nigeria Mortgage Refinance Company (NMRC).

With the scheme, NMRC will refinance mortgages for 5,635 beneficiaries of the federal government workforce.

At the launch in Abuja yesterday, the Minister of Finance, Mrs. Kemi Adeosun stated that in recognition of the importance of housing, the current administration 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 the workforce and people, and generate gainful employment for the nation’s teeming youth.

Civil servants she stated, play an important role in nurturing and developing the nation, noting: “It is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages.”

“This is also in line with our overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.

“Today, we are proud to announce the scheme for the refinancing of mortgages for 5,635 beneficiaries of Federal Civil Service by the Nigeria Mortgage Refinance Company Plc.

“Civil servants play an important role in nurturing and developing our nation so it is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages,” the minister added.

The scheme, she disclosed, is a collaboration steered by the Office of the Head of Civil Service of the Federation, the Federal Government Staff Housing Loans Board (FGSHLB), the Federal Integrated Staff Housing Programme (FISH), and the Nigeria Mortgage Refinance Company Plc (NMRC).

“The N13 billion mortgage refinance investment commitment by the NMRC, following on the heels of its N8 billion initial bond issuance, the proceeds of which have been fully utilised in refinancing, should signal to investors at home and abroad that there are significant opportunities in the Nigerian housing sector.

“The Federal Ministry of Finance has concluded arrangements to provide a complementary and sustainable housing market finance ecosystem to address the challenges of affordable housing,” she said.

The minister addef that the Family Homes Fund (FHF) Ltd is an innovative private sector driven financing solution that will catalyse funds from the private sector, pension and insurance funds, multilateral agencies, and impact investors, using its funds to selectively intervene in the areas of developer financing and mortgage provision.

Adeosun invited willing investors to explore the emerging investment opportunities in Nigeria’s housing sector, and support the federal government’s initiatives towards providing affordable housing for Nigerians.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

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University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

University of Ibadan (UI) on Friday announced it is going ahead with resumption on February 20 despite the second wave of COVID-19.

In a statement released by the school, the First Semester of the 2020/2021 academic session will commence virtually on February 20, 2021.

The virtual academic session will last for 13 straight weeks and end on Friday May 12, 2021, while the matriculation ceremony will hold on Tuesday March 16, 2021.

The University of Ibadan also scheduled one week for the Finalization of Continuous Assessment, to begin from Mon. 17 May and ends Friday 21 May.

The rising number of COVID-19 cases has compelled the Senate to approve the virtual academic session in an effort to ensure the tertiary institution abides by the protocols established by the Federal Government to curb the spread of the pandemic.

“It, therefore, agreed that the 2020/2021 First Semester lectures will be delivered online. In this regard, students will not be accommodated on campus,” a statement from the school said.

“Senate also approved the cancellation of the 2019/2020 session. The next session is, therefore, renamed 2020/2021 Academic Session. Consequently, students who have been admitted for the 2019/2020 session will now be regarded as the 2020/2021 intakes.

“Kindly note that online opening of Registration Portal and Orientation Programme for the 2020/2021 intakes may commence ahead of the Sat 20/02/21 date indicated above,” the statement said.

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House of Representatives Impeached Trump Over Capitol Invasion

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House of Representatives Impeached Trump Over Capitol Invasion

The United States House of Representatives on Wednesday impeached President Trump for the second time after instigating the US Capitol invasion.

Led by Speaker of the House, Nancy Pelosi, 232 representatives, including 10 Republicans, voted to impeach the outgoing president against 197 that voted for him to remain in the office for the next six days when he would handover to the president-elect, Joe Biden.

The ten Republicans were Representatives Liz Cheney of Wyoming, the party’s No. 3 leader in the House; Jaime Herrera Beutler of Washington; John Katko of New York; Adam Kinzinger of Illinois; Fred Upton of Michigan; Dan Newhouse of Washington; Peter Meijer of Michigan; Anthony Gonzalez of Ohio; David Valadao of California; and Tom Rice of South Carolina.

Speaking before the vote, Pelosi said “a constitutional remedy that will ensure that the Republic will be safe from this man who is so resolutely determined to tear down the things that we hold dear and that hold us together.”

“He must go. He is a clear and present danger to the nation that we all love,” she said, adding later, “It gives me no pleasure to say this — it breaks my heart.

Republicans, who unanimously stood behind president Trump in 2019 during his first impeachment, were divided this time over the attack on Capitol.

A Republican representative from California, Kevin McCarthy, said “The president bears responsibility for Wednesday’s attack on Congress by mob rioters,” Mr. McCarthy said. “He should have immediately denounced the mob when he saw what was unfolding.”

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US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

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Joe Biden Economic Impliccations on Nigeria

US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

The joint congress of the United States on Thursday, January 7, 2021 certified Joe Biden as the 46th President of the United States following President Trump’s mob action that disrupted the congress joint proceeding on Wednesday.

After ordering his followers to disrupt proceedings on Wednesday, President Trump later announced that there will be an orderly transition on January 20.

Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th,” Trump said in a statement issued by White House Deputy Chief of Staff Dan Scavino.

“I have always said we would continue our fight to ensure that only legal votes were counted. While this represents the end of the greatest first term in presidential history, it’s only the beginning of our fight to Make America Great Again!” Trump added.

While the certification was just a mere formality as Biden had secured enough electoral college votes (270) required to clinch the world’s most powerful seat, the refusal of Donald Trump to accept the results of the November 2020 election made the session a keenly watched, especially after Trump mob disrupted a joint session of the Senate.

Also read Facebook, Twitter, Instagram Lock President Trump Out of Their Platforms Following Insurrection

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