FG set to disburse N712bn mortgage to fund 100,000 houses
The Federal Government on Monday disclosed that it has concluded plans to increase mortgages provided to contributors under the National Housing Fund to the tune of N712bn for the financing of about 100,000 housing units across the country.
Theconscienceng reports that it disclosed this at the inaugural Board and Management Retreat of the Federal Mortgage Bank of Nigeria in Abuja, adding that efforts were on to deliver one million affordable homes to Nigerians under the National Housing Programme.
The Chairman, Board of Directors, FMBN, Ayodeji Gbeleyi, said the bank’s board had approved a strategy plan that would increase the amount of mortgages to be provided for the construction of houses for Nigerians.
He said, “In line with the mandate of the Federal Government to expand the housing sector in general and deepen the mortgage sub-sector in particular, the bank’s board approved a five-year strategy plan covering the period 2020-2024 with focus on certain key performance indicators.
“The KPIs include growing the National Housing Fund contributions from N49bn in 2018 to N285bn per annum, increase contributors from about 4.8 million in 2018 to 31.6 million in 2024, to finance a cumulative of 100,000 housing units and grow mortgages to N712bn in 2024.”
He said some of the measures being promoted towards achieving the targets of the five-year strategy plan included deepening mortgage penetration by facilitating access to homeownership, growing and diversifying funding mix through diversification of funding sources, among others.
Gbeleyi stated that in order to address the housing deficit in Nigeria, the Federal Government had initiated the National Housing Programme, adding that the NHP’s target was to provide millions of homes across the country.
He said, “In and consistent with our current thinking, the National Council on Housing and Lands has adopted the recommendation for the bank to seek NDIC’s insurance of its contributors’ funds just as is done for depositors in other banks.”
“These are some of the actions and events of strategy repositioning, intended to deliver optimised performance.”