As the federal government continues to search for the puzzle hobbling housing delivery, one of its latest answer is now to re-capitalise and re-position the Federal Mortgage Bank of Nigeria (FMBN) to enable it meet the housing needs of Nigerian workers.
The was made public by the Minister of State for Power, Works and Housing, Mustapha Shehuri, at the inauguration of 125-units housing estate in Enugu State.
In a statement signed by an Assistant Director of Information, Ministry of Power, Works and Housing, Mohammed Ahmed, Shehuri said that the support was to demonstrate government’s resolute commitment to the provision of affordable housing to Nigerians, especially the low income earners.
The new estate was financed by FMBN and a private developer, LCK Projects Limited.
Already, the federal government has approved a waiver in which mortgages below N5 million will no longer attract initial payment of 10 per cent equity from off takers.
Shehuri added that the ministry planned to build mass houses in every state of the federation for public workers and other interested parties over the next three years, noting that the deal is coming via Public-Private Partnerships (PPP).
He argued that the new plan would translate to affordable housing for Nigerians and create employment opportunities for the teaming youths that were roaming the streets, the minister said.
