FMBN Gets N500bn Lifeline
Mustapha Baba-Shehuri, Minister of State for Power, Works and Housing[/caption]
The Federal Mortgage Bank of Nigeria (FMBN) is set to get N500 billion support from the Federal Government to make mortgage facilities more accessible to Nigerians.
This was according to the Minister of State for Power, Works and Housing, Mustapha Baba-Shehuri, who made the disclosure in Lafia, Nasarawa State, during a working visit to the National Housing Project (NHP) site.
Baba-Shehu was received by the state’s Deputy Governor, Mr. Silas Agara.
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“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,” the minister said.
While reiterating government’s commitment to confront the challenges of housing shortage in the country, Baba-Shehu said that the houses would be built 100 per cent on local content so as to create employment avenues for Nigerian youth.
The minister further disclosed that government’s plan to construct mass housing units for public and private workers in every state across the country was already in the pipeline.
