FG waives payment of 10% equity on mortgages below N5m

To prove its commitment to the provision of affordable housing to Nigerians, the Federal Government has said that mortgages below N5 million would not attract the initial payment of 10 per cent equity from contributors.

Minister of State for Power, Works and Housing, Mustapha Baba Shehuri, disclosed this while commissioning a 125-unit housing estate being financed by the Federal Mortgage Bank of Nigeria (FMBN) and developed by Messrs LCK Projects (Nigeria) Limited in Enugu State.

Shehuri said in view of the challenges of housing deficit in Nigeria, which has been put at between 16 and 17 million, the ministry plans to build houses in every state of the federation for public sector workers and other interested parties over the next three years through public-private partnerships.

He added that national housing models have been designed and approved for each geo-political zone, which would take care of each zone’s cultural and climatic diversities.

Speaking at the ceremony, Governor Ifeanyi Ugwuanyi assured the minister of the state’s readiness to continue providing enabling environment for housing development.

A statement signed by the Assistant Director (Information) in the ministry, M. A. Ahmed, noted that the minister also visited Abakaliki, Ebonyi State, where he commissioned the first set of 72 units of houses out of 240 being financed by FMBN and undertaken by the Ebonyi State Housing Development Corporation (ESHDC).

He was also at Owerri, Imo State to commission the 100-unit FMBN-Minfa Housing Estate where the state government urged the management of FMBN to replicate the gesture in the 27 local councils of the state.

Acting Managing Director of FMBN, Mr. Richard Esin, urged all Nigerians in private employment or self-employed, who are currently not contributing to the National Housing Fund (NHF) to do so.