Housing: Nigerian govt provides N500 billion to FMBN for mortgage facilities

The Federal Government says it has provided N500 billion to resuscitate the Federal Mortgage Bank of Nigeria, FMBN, to make mortgage facilities easily available to Nigerians.

Mustapha Baba-Shehuri, the Minister of State for Power, Works and Housing, announced this in Lafia on Monday when he called on the Nasarawa State Deputy Governor, Silas Agara.

The News Agency of Nigeria reports that the minister visited the site of a National Housing Project in Lafia.

“The resuscitation of the bank with N500 billion will provide the institution with adequate funds to provide mortgage facilities to interested Nigerians.

“The Federal Government in its quest to provide shelter to Nigerians, has recently directed the FMBN to waive the payment of 10 percent equity on mortgages below N5 million.

“This will greatly enhance the transition of low income earners from tenants to home owners,’’ he said.

Mr. Baba-Shehuri explained that the project would provide houses and jobs for low income earners.

The minister said the houses would be built based on Nigerian housing design with 100 per cent local content.

“This is done because government wants to create employment for Nigerian youths,’’ he said.

The minister commended the state government for providing land for the National Housing Project, saying that it was in line with President Muhammadu Buhari’s administration’s promise of providing infrastructure.

Mr. Baba-Shehuri said the ministry would leave no stone unturned in tackling the challenges of housing shortage in the country which was about 16 million to 17 million.

He disclosed that the government had commenced plan to construct mass housing units in every state for public and private workers over the next three years.

Responding, the Deputy Governor thanked the minister for the visit and commended the Buhari led administration for initiating the project.

“We assure you as a state that we will partner with your ministry to ensure that the project is successfully completed.

“As you are aware, we have fulfilled our part by providing a good location in Akruba in the outskirts of Lafia metropolis for the project,’’ he said.

NAN reports that the minister visited the ongoing project in Akruba in Lafia Local Government Area comprising 76 houses of one, two and three-bedroom apartment.