N500bn To Be Injected Into Mortgage Bank- FG
By Oladapo Okeowo with agency report
The Federal Government has stated plans to inject N500 billion into the Federal Mortgage Bank (FMB) so it can meet the housing needs of Nigerians.
This was disclosed on Monday by Alhaji Mustapha Baba, the Minister of State for Power, Works and Housing, during the inauguration of an FMB-financed housing scheme in Jalingo, Taraba.
He said the injection of the funds is in answer to the rising demand for mortgage financing by workers and the need for the bank to be capable to cater to the demands.
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 arrangement.
Governor Darius Ishaku, represented by his deputy, Alhaji Haruna Manu, stated the state’s readiness to work with the Federal Government and the FMB in fulfilling its mandate.
Ishaku said: “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.”
The national president of the Trade Union Congress (TUC), Bobboi Kaigama, called on the state government to subsidise the cost of the houses for its workers.
He explained that civil servants could hardly afford the N7 million 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.
202 houses estates with 24 one-bedroom terrace going for N3.2 million: 88 two-bedroom bungalows at N5.6 million and 90 three-bedroom bungalows at N7 million were inaugurated.