The Federal Government has set aside N500 billion to resuscitate the Federal Mortgage Bank of Nigeria (FMBN). The Minister of State for Power, Works and Housing, Mustapha Baba-Shehuri, made the disclosure in Lafia when he visited the site of a National Housing Project (NHP).
The minister, who was received by the Deputy Governor, Mr. Silas Agara said the aim was to make mortgage facilities easily available to Nigerians.
He said: “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, has 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.
The minister said that government had commenced plan to construct mass housing units in every state for public and private workers in the next three years.
Originally published in Daily Trust