FG cuts housing deficit with single-digit mortgage for NDDC staff

The Federal Mortgage Bank of Nigeria has begun move to reduce housing deficit in the Country, especially for the staff of Niger Delta Development Commission (NDDC) through a special mortgage scheme being proposed for to improve home ownership.

The staff within the Niger Delta Development Commission (NDDC) have a mortgage offer of below 10% interest rate, courtesy of Federal Mortgage Bank of Nigeria. This is coming at a time when loans in commercial banks attract are as high as 33% interest rate.

This came when the NDDC and the Federal Mortgage Bank of Nigeria (FMBN) held a sensitisation session to educate the Commission’s staff members about the provisions and benefits of the National Housing Fund Scheme.

Making a presentation during an interface with the officials and staff of NDDC in Port Harcourt, Rivers State Capital recently, Melody Ukwa, Port Harcourt Branch Manager of FMBN, highlighted the bank’s role in addressing Nigeria’s housing deficit by providing affordable housing loans.

He explained that NDDC staff could benefit from housing development loans and individual loans with single-digit interest rates.

He said, “Housing is a basic human right and a key factor for social and economic development. The FMBN, as the apex mortgage institution in the country, has a critical role to play in addressing this challenge.

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“The FMBN has been providing mortgage finance and facilitating home-ownership for low and medium-income earners through its various schemes and products.

“However, these efforts are not enough to meet the growing demand for shelter and the expectations of the Nigerian people.”

According to Ukwa, the huge housing deficit in the country, which affects millions of Nigerians, is a serious challenge that required urgent and innovative solutions.

Responding, Patrick Ekade, NDDC Director, Administration and Human Resources, stressed the need for the provision of affordable housing for workers, noting that “shelter is a fundamental human right.”

Ekade, who was represented by Anele Stephen Nzelaw, a lawyer and Director in Administration and Human Resources Directorate, noted that every employee was expected to make a mandatory contribution of 2.5% of their monthly earnings into the fund, managed by the Federal Mortgage Bank.