A total of 740 civil servants on Monday received N643m from the Federal Mortgage Bank of Nigeria as loans for the renovation or construction of houses. The FMBN said the disbursements of the funds were meant to ensure that public servants had access to housing loans as contained in Section 14(2) of the National Housing Fund.
The Managing Director, FMBN, Mr. Ahmed Dangiwa, who disclosed this while disbursing the funds in Abuja, stated that home renovation loans give existing homeowners access to a maximum of N1m subject to income limit of the beneficiaries and cost of the renovation.
He said partnerships with the Office of the Head of Civil Service of the Federation and Federal Government Staff Housing Loans Board made the disbursements of the N643m to be possible. Dangiwa said the N643m was the fifth among the batches so far disbursed, adding that about N1.2bn had been approved and disbursed by the FMBN to 1,347 beneficiaries through the current loan window.
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