Housing: Federal Government resuscitates FMBN with N500 billion

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Housing: Federal Government resuscitates FMBN with N500 billion

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The Federal Government has announced the provision of N500 billion to resuscitate the Federal Mortgage Bank of Nigeria (FMBN).This disclosure was made yesterday by the Minister of State for Power, Works and Housing, Mustapha Baba-Shehuri while visiting the site of a National Housing Project in Nasarawa State.The aim, according to the Minister, was to make mortgage facilities easily available to Nigerians.“The resuscitation of the bank with N500 billion would provide the institution with adequate funds to deliver mortgage facilities to interested Nigerians.“The Federal Government in its mission to provide shelter to all Nigerians, had directed the FMBN to waive the payment of 10 per cent equity on mortgages below N5 million. This will greatly enhance the transition of low income earners from tenants to home owners,” he said. Baba-Shehuri added that the houses would be built based on the country’s housing design with 100 per cent local content to create employment for the youths. He 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 also revealed that government had commenced plans to construct mass housing units in every state for public and private workers in the next three years.Meanwhile, the chairman, implementation committee of the programme, Yemi Adelakun, said that for the Federal Government Integrated Staff Housing programme (FISH) to be successful, it must be supported with an annual budget of N20billion.He further said that about 30, 000 civil servants had registered to own their houses since the programme began in 2014, and that the project was funded through the Federal Government Staff Housing Loans Board (FGSHLB), in collaboration with the Nigerian Pension Commission, SURE-P, Millennium Development Goals (MDGs) and the offices of the minister of finance and director general, budget office. 

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