FG to inject N500bn into mortgage bank to tackle housing deficit – Minister
The Federal Government says it will inject N500 billion into the Federal Mortgage Bank to enable it meet the housing needs of Nigerians.
Minister of State for Power, Works and Housing, Alhaji
Mustapha Baba, who disclosed this on Monday in Jalingo, said
that the measure would help the the bank to adequately cater
for the rising mortgage finance needs of workers.
Baba spoke while inaugurating the ministerial pilot housing
scheme project, financed by the Federal Mortgage Bank in the
He commended the bank’s efforts toward meeting the
challenge of housing deficit, in spite of the economic challenges
facing the nation.
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.
Gov. Darius Ishaku, in his remarks, said that the inauguration
would reduce the housing needs of civil servants in Taraba.
Represented by his deputy, Alhaji Haruna Manu, Ishaku thanked
the contractor for delivering a quality job.
He said that the state government was interested in working
with the federal mortgage bank and the federal ministry of
power, works and housing, toward building more houses for
the people of the state.
“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 insurgency in some
“The state government has already acquired land to build 500
housing units in partnership with some development partners,”
Earlier, National President of the Trade Union Congress (TUC),
Mr Boboi Kaigama, had called on the state government to
subsidise the cost of the houses for its workers.
He explained that civil servants could hardly afford the
N7million pegged for a 3 bedroom semi-detached bungalow.
Kaigama also called on the federal ministry of power, works
and housing to consider local government workers in the
housing scheme of the federal government, so as to give them
a sense of belonging.
The inaugurated 202 housing estates has 24 one-bedroom Terrace going for N3.2m, 88 two-bedroom Bungalows at N5.6m, and 90 three- bedroom bungalows at N7million.
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