THE Federal Mortgage Bank of Nigeria (FMBN) has declared its commitment to partner with the leadership of Radio, Television, Theatre and Arts Workers Union (RATTAWU) to provide housing for members of the union across the country.
FMBN Managing Director/Chief Executive, Ahmed Musa Dangiwa, who stated this in his office in Abuja when RATTAWU leadership paid a courtesy visit to him, stressed the important role media practitioners play in Nigeria, saying; “We recognise the vital role your umbrella union is playing as the watchdog of the society with its hidden eye that unveils the ills plaguing our society for public safety and dissemination of timely information to the citizens.
“The bank is willing to partner with your union in our mutual efforts at promoting home ownership in Nigeria particularly via the National Housing Fund and our various loan windows.
“We encourage unions like yours to take maximum advantage of the various loan products of the bank which are granted at the lowest interest rates in the country. For example, our NHF loan is granted at six per cent, while our individual construction loan is granted at seven per cent.”
The FMBN MD went on to say, “As you may be aware, FMBN was established to provide affordable mortgages to drive home ownership among Nigerian workers particularly the low and medium income earners. This is being done through the National Housing Fund Scheme, into which Nigerian workers both in the public and private sectors contribute 2.5 per cent of their monthly income.
“Through the scheme, the bank has continued to provide affordable mortgages and construction finance for housing development to Nigerian workers. In addition to this, our Home Renovation Loon (HRL) granted at six per cent has liberalised conditions for easy access for our NHF contributors. Also, our Rent-to-Own window loan allows beneficiaries to pay either monthly, quarterly, biannually or yearly; whichever loan repayment that is most convenient for them.
“All these are strategies employed by the bank in order to make access to any of our loans easy for our NHF contributors especially the low and middle income earners in the country”
Earlier in his remarks, RATTAWU National President, Comrade Dr. Kabir Garbo Tsanni presented the request of the union to include, “Home Renovation Loan (HRL): Considering the increasing economic hardship occasioned by COVID-19 pandemic, it has become obvious that most waged workers can hardly pay their bills, especially in terms of ensuring a decent housing that is a right and confers dignity on any human being. It is based on this and other related challenges faced by members of our union that this request to you has become expedient.
“Rent-to-Own (RTO): My recent findings reveal that while housing is explicitly articulated in target 11 of the Sustainable Development Goals (SDGS). It is also a key component of sustainable development across all of the goals. The reason is that good housing drives access to basic services, therefore, contributing towards inclusive growth, and supporting the development of a sustainable future, with a direct impact on the factors that contribute or mediate the effects of climate change. Investment in affordable housing will therefore have a profound and direct impact on at least 14 of the SDGs.
“In line with the above, therefore, we request you to grant to our members the service of RTO. This will help members of the union to benefit from the targets of SDGs.
“May it please you to be informed that if granted, members of the union will choose which package is convenient for them based on the strength of the pocket and the health of their bank accounts.”
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