[Nasarawa]–The Federal Government says it has provided N500 billion to resuscitate the Federal Mortgage Bank of Nigeria to make mortgage facilities easily available to Nigerians.
Minister of State for Power, Works and Housing, Alhaji Mustapha Baba-Shehuri, who announced this when he visited the site of a National Housing Project in Lafia on Monday, explained that the project would provide houses and jobs for low income earners.
“The resuscitation of the bank with N500 billion will provide the institution with adequate funds to provide mortgage facilities to interested Nigerians.
“The Federal Government in its quest to provide shelter to Nigerians, has recently directed the FMBN to waive the payment of 10 percent equity on mortgages below N5 million.
“This will greatly enhance the transition of low income earners from tenants to home owners,’’ he said.
The minister said the houses would be built based on Nigerian housing design with 100 per cent local content, creating jobs opportunities for the citizens.
“The housing project came up with a 100 per cent Nigerian housing design and local content.
“This is done because government wants to create employment for Nigerian youths,’’ he said.
The minister commended the state government for providing land for the National Housing Project, saying that it was in line with President Muhammadu Buhari’s administration’s promise of providing infrastructure.
Baba-Shehuri said the ministry would do all it takes in tackling the challenges of housing shortage in the country which was about 16 million to 17 million.
He disclosed that the government had commenced plan to construct mass housing units in every state for public and private workers over the next three years.Please Follow Us @ThePageNg