Homes & Property

November 11, 2020

Federal mortgage bank disburses N265bn housing fund

Federal mortgage bank disburses N265bn housing fund

The Federal Mortgage Bank of Nigeria (FMBN) says it has disbursed N265 billion under the National Housing Fund Scheme to boost the delivery of affordable housing to Nigerians.

Mr Lawal Isa, the Head, Corporate Communications Group of the Bank, in a statement on Wednesday quoted the Managing Director, Mr Ahmed Dangiwa, as making the disclosure recently in Abuja.

Dangiwa said that the N265 billion represented an increase of over N112 billion or 74 per cent over the N152.5 billion which the current management met in early 2017.

According to him, about 8,700 new homes have been built between 2017 and 2020, representing a growth of 43 per cent to attain a cumulative of 29,133 funded housing units.

ALSO READ: Senate urges Federal Mortgage Bank to track loan defaulters

He noted that within the period, the National Housing Fund (NHF) collections grew by N186 billion representing 80 per cent to reach a cumulative amount of N418 billion as of September.

Dangiwa said that the bank had been able to grow the home renovation micro-loan by over 2,000 per cent from about 2,600 loans to about 56,000 loans in the last three years.

The managing director explained that about 570,000 contributors had been added to attain a contributor base of over 5.1 million NHF subscribers.

He noted that 34 out of the 36 states of the Federation were compliant regarding workers’ contributions with five states resuming contributions within the past three years. (NAN)

Vanguard News Nigeria