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Mortgage Bank Approves N2.2 b For 7,292 Housing Units
FROM OLAWALE TUNDE, KATSINA
TO demonstrate Federal government's commitment to the New National Housing Policy, the Federal Mortgage Bank of Nigeria (FMBN) has approved the sum of N12.2 billion in respect of some 7,397 housing units.
Disclosing this on Thursday at the opening ceremony of three days retreat organised by the bank for its directors and staff, held in Katsina, the chairman, Presidential Technical Board of the FMBN, Professor Akin Mabogunje said out of the approved sum, only N5.2 billion had been disbursed.
Presenting a paper titled "Challenges of the New National Housing Policy: The Re-structure FMBN and the problems of the weakest link," the chairman noted that the main thrust of the new policy centred on increase of home ownership among Nigerians on the basis of a robust, mortgage finance industry.
He noted that the retreat became necessary due to imminent challenges of attitudinal changes for effective and efficient service delivery through the initiative and commitment of FMBN staff.
Mabogunje said the failure of the precious housing policies that had eroded the people's confidence in the scheme had prompted the new policy which he said gave birth to the establishment of Federal Ministry of Housing and Urban Development.
He said the establishment of the National Housing fund renamed valid adding that it was in the best interest of workers to contribute to it. "This is because without mortgage finance, the average workers cannot for now come to own his or her own house.
For robust housing industry to be sustainable in any country, he argued, it required "remendous" amount of funds based on long term savings.
"If the ownership is based on mortgage finance, then the finance must come from funds which cannot be called upon by its contributors in a short time," Mabogunje added.
Also, the minister of Housing and Urban Development, Chief Mobolaji Osomo who was represented at the retreat by the Director of Land and Housing, Mr. A.A. Babarinde, said the enlightenment and proper education played pivotal roles in achieving the objective of the new policy.
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