In order to resuscitate the Federal Mortgage Bank of Nigeria(FMBN), the Federal Government has provided N500 billion to make mortgage facilities available to Nigerians.
Minister of State for Power, Works and Housing, Mustapha Baba-Shehuri, said on Monday in Lafia that the Federal government had directed the FMBN to waive the payment of 10 percent equity on mortgages below N5 million.
He said this when he visted the Nasarawa State Deputy Governor, Silas Agara.
“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,’’ he said.
“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.
Baba-Shehuri announced the Federal government had began plan to construct mass housing units in every state for public and private workers over the next three years