In a bid to provide affordable housing for civil servants in Nigeria, FG has disclosed plans to collaborate with the Central Bank of Nigeria (CBN) to make some special funding intervention into the Federal Housing Loan Board in order to ameliorate the poor financing of the Federal Integrated Staff Housing Programme (FISH).
Head of Service of the Federation, Dr Folasade Yemi-Esan explained that the partnership with CBN would address the concern of the increasing cost of housing, high interest rate on mortgage finance and the poor funding of the Federal Government Housing Loan Board, which served as primary mortgage institution for the FISH Programme.
According to her, the Ministry of Works and Housing has allocated five hectres of land in Gwagwalada Area Council to the FISH programme while efforts are being made towards the mobilization to cite as soon as possible.
Initiated in 2015 as a welfare scheme to provide quality and affordable housing to civil servants through facilitation of loan and mortgage facilities at a single interest rate.
However, the programme has been constrained by poor funding, lack of budgetary allocation, non-availability of land and mortgage and alternate financing, among other critical areas.
Yemi- Esan said that her office is currently in talks with the federal government loan board to make loan available to workers for them to pay back within the period of their service rather than approve such loans when they are about exiting service. She noted that her office is also engaging chief executives of some relevant MDAs of government to mobilise support of their institutions for the implementation of the housing programme.