FG commissions MINFA/FMBN estate Owerri

The Minister of State for Power, Works and Housing Mustapha Baba Shehuri, Saturday  commissioned a 100-unit housing estate at Naze Owerri in Imo State, financed by the Federal Mortgage Bank of Nigeria (FMBN) and developed by MINFA Nig Ltd. Speaking at the occasion, the minister said the housing estate was in line with  the present […]

The Minister of State for Power, Works and Housing Mustapha Baba Shehuri, Saturday  commissioned a 100-unit housing estate at Naze Owerri in Imo State, financed by the Federal Mortgage Bank of Nigeria (FMBN) and developed by MINFA Nig Ltd.

Speaking at the occasion, the minister said the housing estate was in line with  the present administration’s effort to  prioritize affordable housing for Nigerians. He said the ministry would continue to ensure that challenges of housing deficit in the country which he put at 16 – 17 million units is surmounted.

He  said his ministry is planning to build mass housing units across the federation for public workers, over the next three years under a public-private-partnership arrangement, adding  that the plan is at  advanced stage.

In his address, the acting MD/CEO FMBN Mr Richard Esin said the housing estate is financed by the National Housing Fund (NHF) scheme, a mandatory contributory scheme for workers in Nigeria public and private sectors earning a minimum of N3, 000 per annum, by contributing 2.5% of their monthly income.

Esin said Nigerian workers become eligible for mortgage loans at a concessionary interest rate of 6% per annum and repayable over a maximum period of 30 years, based on continuous contributions to the NHF scheme.