It is general acclaimed that Federal Mortgage Bank of Nigeria (FMBN) is preferable for the following reasons; it gives long-term loans and charges low interest rates.
The Federal Government of Nigeria stated that it has make available the sum of N500bn to revive the Federal Mortgage Bank of Nigeria (FMBN) to make mortgage facilities available to Nigerians.
At the tour of the Minister of State for Power, Works and Housing, Alhaji Mustapha Baba-Shehuri while at the National Housing Project in Lafia, Nasarawa State disclosed this on Monday.
He stated that “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’’.
“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.
Minister of State for Power, Works and Housing, Alhaji Mustapha Baba-Shehuri acknowledged the good works of Nasarawa State Government for providing land for the National Housing Project, that it was in line with the federal government led administration of President Buhari’s administration’s promise of providing infrastructure development.
Alhaji Mustapha Baba-Shehuri further disclosed that the ministry of State for Power, Works and Housing would leave no stone unturned in tackling the challenges of housing shortage in the country which was about 16 million to 17 million.
That Federal Government of Nigeria had commenced plan to construct mass housing units in every state for public and private workers over the next three years; that the project would provides houses and jobs for low income earners mostly in the rural areas of the various states in the country, that the houses would be built based on Nigerian housing design with 100 per cent local content and urge the low income earners to take opportunity offer by the scheme.