Babatunde Fashola, the Minister of Power, Works and Housing said the Federal Mortgage Bank has so far issued 2,724 mortgages worth N20.237 billion to assist Nigerians buy their own homes.
Fashola gave the information on Thursday in Abuja at the inauguration of board members of the bank as he directed the newly inaugurated members to ensure proper oversight before approval in order to ensure the vision of the ministry is achieved.
Speaking at the inauguration on Thursday, Fashola said the policy of Government is to deliver Affordable Housing, acceptable to Nigerians,while urging board members to work towards promoting the ideals of the agencies they have supervisory role on,which consist of Federal Housing Authority and Housing Financing with Federal Mortgage Bank of Nigeria.
Fashola at the inauguration pointed out that the Ministry has a Housing Programme and currently constructing in 33 (Thirty-Three) States of Nigeria, said the Ministry wants to validate and test what type of housing design responds to Nigeria’s diverse cultural, climatic and religious needs, so as to ascertain what is acceptable and affordable.
“We are at different stages of construction in different states, and we have commended these designs to FHA, without imposing them,” Fashola said.
As for the financing side, this is critical to affordability and it is as much the function of FHA in cost management and delivery as it is that of FMBN in delivering mortgages of affordable tenures and costs.