The House of Representatives in Nigeria has summoned the Minister of Finance and the Managing Director of the Nigeria Mortgage Refinancing Company over the Federal Government Workers’ Housing Scheme, which is alleged to be facing funding challenges.
The chairman of the House Committee on Finance , Honourable Abdul Mumin Jibrin, gave the order on Friday.
The relevant ministries and government parastatals are expected to appear before the committee to explain what led to the insufficient funds in the scheme.
Angry subscribers of the Workers Affordable Housing Scheme had stormed the head office of the Nigerian Labour Congress to demand explanations after they paid a mandatory 10 per cent subscription fee for the houses and it appears nothing is happening.
The leadership of the Nigeria Labour Congress and the Trade Union Congress met the House of Representatives Committee on Finance to explain the challenges that the scheme had been facing.
The House Committee frowned at the high interest rates for the mortgages.
The Federal Mortgage Bank of Nigeria pegged its interest rate at six per cent while the interest rate of the Nigeria Mortgage Refinancing Company is pegged at 16 per cent.
After listening to the Labour union, the House could not go further on the matter, as those expected to provide the needed answers to the questions were not at the meeting. The House Committee further ordered the relevant bodies to appear before it to explain why the challenges are being experienced.
In a bid to reduce the housing deficit in Nigeria, the Federal Government through its agencies had embarked on housing schemes geared towards providing one million houses annually.
Hopefully, the paucity of the fund for the Workers’ Housing Scheme would be dealt with at the next meeting which would hold on November 18.
