The Federal Mortgage Bank of Nigeria has revealed its target to construct over 3,600 new low cost housing units across the 36 states of the federation.
The plan is pursuant to the presidential directive to the bank to construct at least 100 houses in each of the 36 states of the federation.
The Bank’s Managing Director, Ahmed Musa Dangiwa, stated this in Abakaliki, the Ebonyi State capital, on Thursday during the commissioning of the bank’s new office complex in the state.
Dangiwa explained that the mortgage bank scheme was established to provide affordable mortgages to drive home ownership among Nigerian workers, particularly low and medium income earners.
According to him, the programme is achieved through the National Housing Fund scheme into which Nigerian workers, both in the public and private sectors, contribute 2.5 per cent of their basic monthly income.
Dangiwa further noted that the active participation of Ebonyi State workers in the NHF scheme had resulted in a mutually beneficial relationship with the bank, which has facilitated a grant of housing construction loan of N422 million to Ebonyi State Housing Corporation for the construction of 240 housing units of various description, out of which 72 units have been completed and occupied.
Dangiwa explained: “President of the country ordered us to build hundred houses in every state of the federation.
“Once we are given land in every state, we will build one hundred bungalows for the state.
“Through this scheme, the bank has continued to provide affordable mortgages to Nigerian workers and construction firms for housing development.
“Our National Housing Fund loans, granted at 6 per cent, is the most affordable in the country.
“We also have the FMBN Home Renovation Loan with liberalised conditions for easy access by Nigerian workers while the rent-to-own product and individual construction loan have also been introduced to further facilitate home ownership for Nigerians particularly civil servants.
“The bank has also advanced N621.35m to 1050 members of Ebonyi State workforce under the FMBN Home Renovation Loan product.”
Governor David Umahi, while commissioning the Office Complex, promised that the state government would continue to partner and support the Bank to afford workers the opportunity to own homes and houses.
He noted that his administration has embarked on so many worker-friendly programmes aimed at encouraging innovations and self development in the State.
Umahi emphasised: “People may not know that house project and water project are the most expensive projects in any state.
“We have many opportunities; we have a lot of allocations we made to civil servants, stakeholders in our new city that we call Centenary city.
“So, this opportunity presents itself to enable our people to start the development.
“I had to kick-start it by moving government house to the place and I tried to do something different from what you can see in any part of this country.
“We are going to give you all the cooperation.”
Housing: FMBN to construct 100 housing units per state
