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F.G To Release N500 Billion Mortgage Financing

by Oba Samuel




The Federal Government says it will inject N500 billion into the Federal Mortgage Bank (FMB) to enable it meet the housing needs of Nigerians as reported by The Nation.

Minister of State for Power, Works and Housing, Alhaji Mustapha Baba, who spoke yesterday in Jalingo, said the measure would help the the bank to adequately cater for the rising mortgage finance needs of workers.

He spoke while inaugurating the ministerial pilot housing scheme project, financed by FMB in the Taraba capital.

He commended the bank’s efforts toward meeting the challenge of housing deficit, in spite of the economic challenges facing the nation.

The minister urged workers to continue to contribute to the housing fund, adding that government would soon commence the construction of 5,000 housing units in each state of the federation, under the public-private partnership (PPP) arrangement.

In his remarks, Governor Darius Ishaku, sai the inauguration would reduce the housing needs of civil servants in Taraba.

Represented by his deputy, Alhaji Haruna Manu, Ishaku thanked the contractor for delivering a quality job.

He said the state government was interested in working with FMB and the Federal Ministry of Power, Works and Housing, toward building more houses for the people of the state.

“We are equally doing our best to meet the housing needs of the fast growing population, following the relocation of some people into the state, as a result of insurgency in some northeastern states.

“The state government has already acquired land to build 500 housing units in partnership with some development partners,” he said.

National President, Trade Union Congress (TUC), Mr Boboi Kaigama, had appealed to the state government to subsidise the cost of the houses for its workers.

He explained that civil servants could hardly afford the N7million pegged for a three bedroom semi-detached bungalow.

Kaigama also called on the Federal Ministry of Power, Works and Housing to consider local government workers in the housing scheme of the federal government, so as to give them a sense of belonging.

The News Agency of Nigeria (NAN) reports that the inaugurated 202 housing estates has 24 one-bedroom Terrace going for N3.2million, 88 two-bedroom Bungalows at N5.6million, and 90 three-bedroom bungalows at N7million.

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