The Federal Mortgage Bank of Nigeria has disbursed a total of N23.3bn under its Home Renovation Loans window, its Managing Director, Mr Ahmed Dangiwa, said.
Dangiwa stated that the amount was disbursed to 28, 363 beneficiaries across the country.
Speaking at a cheque presentation ceremony to members of the Lagos State Public Servant Housing Cooperative, where he was represented by the Executive Director, Loans and Mortgage Services, FMBN, Hajia Rahimatu Aminu-Aliyu, he stated that the bank remained committed to providing opportunities for Nigerian workers who contributed to the National Housing Fund.
Dangiwa said, “It is pertinent to note that a total sum of N23.3bn has so far been disbursed by the Federal Mortgage Bank of Nigeria to 28,363 beneficiaries across the country under the Home Renovation Loan window.
“Just recently, one of the most ambitious housing delivery programmes in this country, the National Affordable Housing Delivery Programme in collaboration with the Nigerian Labour Congress, the Trade Union Congress and the Nigerian Employers’ Consultative Association was launched by the bank.
“It is a programme to deliver affordable houses to Nigerian workers in every state of the federation. As we speak, the pilot projects have commenced in earnest in five states. The pilot phase is to deliver 100 houses in each of two states across the six geo-political zones of the country.”
According to him, the Home Renovation Loan is one of the several products of the bank, aimed at ensuring contributors to the NHF benefit from the scheme.
He stated that the FMBN Home Renovation Loan was created for the purpose of renovating an existing structure, at six per cent for tenure of five years maximum.
Under the HRL window, on Friday, the bank gave out cheques worth N56.84m to members of the Lagos State Public Servant Housing Cooperative through the FMBN Ikeja office.
Dangiwa said the bank remained determined to provide affordable mortgages to Nigerian workers as part of its initiatives to complement President Muhammadu Buhari’s housing sector reforms.
“The over N56m released through FMBN Ikeja office, would assist beneficiaries to put their abode in a suitable manner,” he said.
He said the funds were sourced from 2.5 per cent of the basic income of Nigerian workers earning the minimum wage and who were 18 years and ab