President Jonathan Re-introduce Car & House Loans

President Goodluck Jonathan gave a glimpse into the budget yesterday in Abuja as steps to re-introduce car and house loans were evident. This package is part of the 2014 fiscal plan being worked out by the Federal Ministry of Finance. Jonathan unveiled the plan while speaking as guest at the 54th Yearly Conference of the Nigerian Economic Society, with theme“Institutions, institutional reforms and economic development: An analytical and policy perspectives.”

Under the plan, a bank named Mortgage Refinance Company which is being promoted by the Federal Ministry of Finance with majority private sector ownership will help to address the acute housing challenge in the country. The institution, billed for launch before the end of this month, is to ensure that Nigerians have access to cheap mortgage funds from housing finance lenders.

For public and private sector workers in the country, the days may soon be back when they can walk to their banks, auto shops and drive away in brand new cars or become house owners by just filling in a mortgage form.

According to the president, the re-introduction of car and housing financing, is aimed at curtailing corruption both in the public and private sectors. He blamed the society for the continuous growth of corruption in public life because it encourages it as most corrupt people are being celebrated instead of being vilified.

He said that the new initiative would go a long way in checking the temptation to commit graft by most workers as they would now have a minimum level of comfort, the pursuit of which normally makes them to be corrupt in their workplaces.