FG Injects N500bn Into Mortgage

Determined to bridge the housing gap in Nigeria, the Federal Government has said it would make available to the Federal Mortgage Bank of Nigeria (FMBN) the sum of N500 billion.
The Minister of State for Power, Works and Housing, Mustapher Baba, made this known in Jalingo, Monday, stating that the sum would help the bank to adequately cater for the rising mortgage needs of workers.
Baba who spoke at the inauguration of the ministry’s pilot housing scheme project, financed by FMBN in Jalingo, commended the bank’s effort at meeting the challenge posed by the housing gap in the country, in spite of the prevailing economic circumstances.
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.
Also speaking at the inauguration, Governor Darius Ishaku of Taraba State, said the inauguration would reduce the housing needs of civil servants in the state.
Ishaku, who was represented by his deputy, Haruna Manu, stated that  the government was interested in working with  FMBN and the supervising ministry toward building more houses for the work force.
According to him, “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 the insurgency in some northern states.
Earlier, the National President, Trade Union Congress (TUC), Boboi Kaigama, had appealed to the state government to subsidise the cost of houses for its workers.
He explained that civil servants could hardly afford the N7 million pegged for a three bedroom semi-detached bungalow, calling on the Federal Ministry of Power, Works and Housing to consider local government workers in the FG’s housing scheme, so as to give them a sense of belonging.
The inaugurated houses include,  24 units one bedroom terrace, going  for N3.2 million, 88 units two-bedroom bungalows at N5.6 million and 90 units three bedroom bungalows at N7 million.