The Federal Government is set to construct over 3,600 new low cost housing units across the 36 states of the federation.
Managing Director, Federal Mortgage Bank of Nigeria, Ahmed Musa Dangiwa, stated this in Abakaliki, the Ebonyi State capital during the inauguration of the bank’s new office complex in the state.
He said the plan was in line with the directive from President Muhammadu Buhari to the bank to construct at least 100 houses in each state.
“President of the country ordered us to build hundred houses in every state of the federation. Once we are given land in every state, we will build 100 bungalow for the state,” he said.
The MD said the scheme was established to provide affordable mortgages to drive home ownership among workers, particularly the low and medium income earners.
He said this was being done through the National Housing Fund(NHF) scheme into which workers both in the public and private sectors contribute 2.5 percent of their monthly income.
“Through this scheme, the bank has continued to provide affordable mortgages to workers and construction finance for housing development,’’ he added.
“Our National Housing Fund (NHF) loans, granted at 6 percent, is the most affordable in the country. We also have the FMBN Home Renovation Loan(FHRL) with liberalised conditions for easy access by Nigerian workers while the rent-to- own product and individual construction loan have also been introduced to further facilitate home ownership for Nigerians particularly civil servants”
Mr Dangiwa said the active participation of Ebonyi State workers in the NHF scheme had resulted in a mutually beneficial relationship with the bank.