FMBN disburses N265bn housing fund to boost housing delivery

FMBN disburses N265bn housing fund to boost housing delivery

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

The Managing Director of FMBN, Mr Ahmed Dangiwa, was quoted as saying this on Wednesday in Abuja in a statement by Mr Lawal Isa, the bank’s Head of Corporate Communications.

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.

He noted that within the period, NHF collections grew by N186 billion, representing a 80 per cent growth, to reach a cumulative amount of N418 billion, as at September 2020.

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 contribution-base of over 5.1 million NHF subscribers.

He noted that 34, out of the 36 states of the Federation, were fully compliant with regard to workers’ contributions, with five states resuming contributions within the past three years.

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