Reps Move To Strengthen FMBN

Worried by the rate of non-availability of housing in comparison to demand for it, which is occasioned by high cost housing of development and rental and non availability of mortgage to finance housing, the House of Representatives has intensified action to strengthen the Federal Mortgage Bank of Nigeria (FMBN), as it is working on a bill already on the floor of the House.

The bill which seeks to identify all setbacks that have made the FMBN not to deliver its mandate on mortgage financing, which is the major issue in housing provision, will also remove all bottle necks that will not let the apex mortgage body to deliver.

To this end, the bill which is at the second reading state is being reffered to a committee stage to look at various technical areas, and finetune every aspect that will strengthen the FMBN to deliver.

Speaking during a press briefing the chairman House Committee on Housing, Hon. M. Jagaba said that the issue of housing is so important to human life because it is the next basic necessity of life after food.

Jagabe expressed dissatisfaction over the continuous deductions of money from the salaries of civil servants in the name of National Housing Fund (NHF) whereas such housing were never delivered to them and the money not refunded.

With the current move by the National Assembly, he said that members are very committed to ensure that the bill becomes law, so as to empower the FMBN to adequately play its role in long-term mortgage provision and as well ensure that money deducted from civil servants for housing will be utilised for that purpose.

The house committee chairman on housing also condemned a situation where developers get mortgage for housing and sell houses at exorbitant prices beyond the reach of the average worker or share them to politicians and the rich people, which is one of the things the bill seeks to address.