The Federal Mortgage Bank (FMBN) has so far disbursed N265bn under the National Housing Fund Scheme to Nigerians.
FMBN says the N265bn represents an increase by over N112bn or 74 per cent over the N152.5bn, which the current management met in early 2017.
Managing Director/Chief Executive, FMBN, Ahmed Dangiwa said that the fund is to boost the delivery of affordable housing in Nigeria.
Head, Corporate Communications Group Lawal Isa made this known in a statement. According to him, the MD said this at the 2020 Housing Summit held in Abuja.
He stated, “ The Federal Mortgage Bank has disbursed a cumulative amount of N265bn under the National Housing Fund Scheme to boost the delivery of affordable housing to Nigerians. The N265bn represents an increase by over N112bn or 74 per cent over the N152.5bn, which the current management met in early 2017.
“The Managing Director/Chief Executive, FMBN, Ahmed Dangiwa said within the last three years, about 8,700 new homes have been added, a growth of 43 per cent, to attain a cumulative 29,133 funded housing units.
“Similarly, the FMBN Boss told the gathering that within the last three years, NHF collections grew by N186bn representing 80 per cent to reach a cumulative amount of N418bn as of September 2020
“On the home renovation micro-loan, Dangiwa said the bank had been able to grow this by over 2,000 per cent from about 2,600 to about 56,000 loans in the last three years. In terms of subscriber base, the FMBN MD explained that about 570,000 contributors have been added to attain a contributor base of over 5.1 million NHF subscribers.
“In addition, he noted that 34 out of the 36 States of the Federation are compliant regarding workers’ contributions with five States resuming contributions within the past three years.
While the corona virus pandemic has affected the global economy negatively, the FMBN Boss said despite poor housing conditions, Africa and specifically Nigeria has been spared the worst effects of the health crisis that most developed countries have been battling with.
“However, he stated that this is not a condition Nigerians should continue to take for granted, adding that the health crisis has made it imperative to rethink and re-invent the country’s national policies and strategies for affordable housing especially for the low- and medium-income markets. “