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Budget Scheme

Budget Scheme

The Budget Office of the Nigerian Baptist Convention handles the Convention budget and carries out some other duties. Part of which include

1. BUDGETING
2. CONVENTION STAFF HOUSING LOAN SCHEME

BUDGETING
(a) To prepare the Nigerian Baptist Convention Budget yearly.
(b) To receive Theological Institutions' and Convention Departmental yearly Budget Proposals and to inform them of the amount of money approved for them by the Executive Committee of the Convention.
(c) To invite the Convention Budget Committee Members for meeting, twice a year. The major task of the Committee includes the following-
(i) To review budget performance for January-June each year (half year budget review).
(ii) To review budget performance for January-October yearly.
(iii) To consider Convention Proposed Budget for the following year.
(iv) To present report and recommendations to the Executive Committee of the Convention.

CONVENTION STAFF HOUSING LOAN SCHEME

This is a Scheme organized and managed by the Convention to help members of the Convention family to build their personal houses by means of loan facility from the Scheme which they will repay installmentally over a period of time with affordable interest rate.

Following are the rules and regulations guiding the operation of the Scheme

Membership
Membership of the Scheme is open to Pastors in the local churches of the Convention, staff members of Theological Institutions, Baptist Building Workers, and other staff of the Convention subsidiaries such as Baptist Press, Baptist Bookstore and Women Missionary Union.

Eligibility

The following conditions must be met before members could be eligible to take loan.

(i)                   Applicant must be a member of the Scheme.

(ii)                 He/she must be a faithful contributor to the Scheme.

(iii)                He/she must have contributed not less than 15% of the loan desired.

(iv)               He/she must have legally valid title to the land on which building is to be erected.

(v)                 He/she must have an approved building plan.

(vi)               He/she must be a member of the Convention Retirement Benefits Scheme.

Limit The maximum loan obtainable is N500, 000 payable monthly within five years.

Interest

The loan interest rate is 4% p/annum on reducing balance basis while 2% p/annum shall be given to contributors.
Security Documents that should accompany application for loan are listed below

(i)                   Guarantee by direct employer.

(ii)                 Original title document which cannot be taken back until the loan is fully repaid.

(iii)                 A letter of understanding to repay the loan.

(iv)               There must be personal guarantee of the spouse/next of kin.

(v)                 Retirement benefits of the beneficiary serve as guarantee (a letter of undertaking that retirement/death benefits serve to pay outstanding loans).

Repayment
Repayment of loans begins immediately the loan is taken. Also, beneficiaries are expected to continue the monthly contributions to the Scheme alongside with the repayment.

Defaulters
No beneficiary is expected to default. In case of default, such people will have their money brought as pension premium contribution used to settle their loan. A borrower is declared a defaulter if any two installments fall due without payment.

Administration
The V P Finance and Investment Office administers the Scheme.

Composition of the Loan Committee - The Staff Housing Loan Committee consist of:

(1) The V P Finance and Investment;

(2) The V P Administration and Personnel;

(3) Junior Staff Representative;

(4) The Legal Adviser;

(5) Institutional Representative;

(6) W.M.U. Representative; and three other Nominees of the Convention Executive Committee.

Application forms

These are available at the

Vice President Finance and Investment Office.

Baptist Building, P.M.B. 5113, Ibadan.