Okonjo-Iweala-Why we can’t process applications for 10,000 new homes

The Federal Government said on Tuesday it was working towards to reduce the cost of motage bank

The Minister of Finance, Ngozi Okonjo, said negotiations towards a consensus on the proposed template accounted for the observed delay in processing applications received from Nigerians who seek to own homes under the 10,000 Mortgage Finance Scheme launched recently by the government.

“That is why processing the application has been delayed by about four weeks so that subscribers would not have to pay additional 16 per cent when they go to perfect their ownership titles.”

“There is no hidden agenda in the process at all. Those who do not qualify would also receive letters explaining why they were not able to meet the selection criteria,” the minister assured. “We trying to scale down the cost of mortgage finance from 16 to 3 per cent to make it affordable to ordinary Nigerians.”