FG injects N500bn in Federal Mortgage Bank

The federal government has earmarked N500 billion to recapitalize the Federal Mortgage Bank of Nigeria.

The Minister of State for Power, Works and Housing, Alhaji Mustapha Baba Shehuri who disclosed this yesterday at the commissioning of 202 housing units built by the bank for civil servants in Jalingo, Taraba State, said the federal government wished to reposition the bank to meet the mortgage finance needs of Nigerian workers.

Shehuri who also said the federal government would construct 5,000 housing units for workers in each state of the federation within the next three years, added that

the housing project which was under public-privatepartnership arrangement had commenced and some of the houses had reached advanced stage of completion.

The minister said the project initiated by the Mohammadu Buhari administration was aimed at addressing housing deficit for civil servants.

He stated that of the housing units built in Jalingo, one-bedroom terrace would be sold at N3.2 million, twobedroom bungalow would cost N5.6 million while threebedroom bungalow would cost N7 million.

In his address, Governor Darius Ishaku commended the bank for the initiative. Represented by his deputy Alhaji Haruna Manu, Darius said his administration was also committed to providing decent houses for its civil servants.

Speaking also at the event, the President of the Trade Union Congress (TUC), Comrade Bobboi Kaigama urged the Taraba State Government to subsidize the houses to enable workers buy.

“The price of the houses are too high. Workers will not be able to buy them unless government subsidizes them,” Kaigama said.