Mortgage bank disburses N265bn under housing fund scheme
By Moses Uwagbale
The Federal Mortgage Bank has disbursed a cumulative amount of N265 billion under the National Housing Fund Scheme to boost the delivery of affordable housing to Nigerians.
The Managing Director, FMBN, Mr Ahmed Dangiwa, said at a housing summit in Abuja that the amount represented an increase by over N112 billion or 74 per cent over the N152.5 billion, which the current management met in early 2017.
He also said that within the last three years, about 8,700 new homes have been added, a growth of 43 per cent, to attain a cumulative of 29,133 funded housing units.
The managing director noted that within the last three years, 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.
On the home renovation micro-loan, Dangiwa said that the bank had been able to grow it by over 2,000 per cent from about 2,600 to about 56,000 loans in the last three years.
He further explained that about 570,000 contributors had been added to attain a contributor base of over 5.1 million National Housing Fund (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.