“Mr Babatunde Fashola, the Minister of Power, Works and Housing, has inaugurated 100 housing units in Ogbomosho, Oyo state, a project funded by the Federal Mortgage Bank of Nigeria (FMBN) .
Inaugurating the housing units on Friday, Fashola said meeting the housing needs of Nigerians was a major priority of the Federal Government.
He commended the bank, the developer and other stakeholders, who contributed to the completion of the project.
The minister said the Federal Government, through its various agencies, was replicating similar housing programme across the country, to meet the housing needs of Nigerians and create employment for Nigerians executing the projects.
Fashola pledged the commitment of the Federal Government to support programmes aimed at engaging youths and making them contribute to the development of the country.
He said the FMBN had since the inception of the current administration in the country contributed significantly to efforts being made to address the housing needs of Nigeria.
In his remarks, Mr Richard Esin, the Acting Managing Director of the FMBN, said a construction loan of N561.2 million was advanced to the developer, Viva Construction Ltd, to deliver the 100 housing units.
He said 48 of the units were three-bedroom semi-detached bungalows, 40 two-bedroom semi-detached bungalows and 12 one-bedroom terrace bungalows.
He further said the bank was currently funding various housing projects across the country.
Esin said the projects were being funded from the resources of the National Housing Fund (NHF) scheme.
”The NHF is a scheme into which Nigerian workers in the public and private sector, earning a minimum of N3,000 per annum, contribute 2.5 per cent of their monthly income.
On the basis of their consistency in the contribution, Nigerian workers become eligible for mortgage loans at a concessionary interest rate of six percent. He said.
Excerpted from The Guardian.