FG Recapitalize FMBN with 500Bn Naira

By Ikenga Chronicles February 20, 2017

— Callistus Agwaza

The Minister of state for Power, Works and Housing Mustapha Baba Shehuri has disclosed that the federal government is to recapitalize the Federal Mortgage Bank of Nigeria, FMBN to the tune of 500 Billion Naira to enable the bank meet the housing challenges in the country.

The Minister disclosed this in Jalingo yesterday at the commissioning of 202 units Ministerial Pilot Housing Scheme Project.

Shehuri said this would reposition the bank to adequately cater for the mortgage finance needs of Nigerian workers and address the “acute housing deficit” in the country.

“I am happy to reaffirm the resolve of thus administration to recapitalize the Federal Mortgage Bank of Nigeria to the tune of 500 Billion Naira. This will reposition the bank to adequately cater for the mortgage finance needs of Nigerian workers who would be the main beneficiaries of houses built under the Housing Program me of this administration”, he said.

The state governor Arc Dairus Ishaku who was represented by the deputy Governor Engr Haruna Manu said the state would continue to partner with the federal government and the FMBN in the provision of affordable houses for the state workers and middle income earners to so as to meet the increase in demand.

Ishaku said that the relative peace enjoyed in the state has made it a first choice for displaced persons in the region, thereby worsening the already bad housing deficit in the state.

According to Ishaku, “the housing deficit in the state is deteriorating due to influx of displaced persons from insurgency ravaged states in the region. It is estimated that the population of Jalingo alone would rise to over Six hundred Thousand by 2035 as against Two hundred and Fifty Thousand now. As such, we would work closely with the Federal government and Federal Mortgage Bank to address this shortage”.

Mean while, the National President of Trade Union Congress, TUC Fomrade Boboi Kaigama called on the Federal government to make provision for the Housing needs of LG workers as well.

Kaigama also called on the state government to further subsidize the prices of the houses so that the actual persons for whom they were meant could afford them. He said that the cost of the houses at about seven Million Naira was beyond even a level 17 civil servants.

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