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Senate Promises Allocation For Mass Housing In 2017 Budget

The Senate Committee on Housing and Urban Development has promised to make budgetary provision in the 2017 budget to enable the Federal Government address issues … Continue reading Senate Promises Allocation For Mass Housing In 2017 Budget


Senate Rejects List Of Non-Career AmbassadorsThe Senate Committee on Housing and Urban Development has promised to make budgetary provision in the 2017 budget to enable the Federal Government address issues of housing deficit in the country.

The chairman of the Senate Committee on Housing, Sen. Barnabas Gemade made the promise during the committee’s oversight function to the Federal Mortgage Bank in Abuja.

Sen. Gemade also called on the Central Bank of Nigeria to pay its equity contribution of one point 5 billion Naira to the Federal Mortgage Bank of Nigeria to enable the bank embark on mass provision of houses for Nigerians.

The Acting Managing Director of the Bank, Mr Richard Esin promised to implement a new business model with a sharp focus on the mass and middle income markets that will provide affordable houses at 5 million Naira and below.

“We have seen the CBN make donations of billions of Naira in this country. And for them to leave a responsibility like equity in a bank that is the foremost mortgage institution in nigeria, that is contributing to the welfare of ordinary people by providing mortgage financing, and leave it unattended to all these years leaves a lot be desired.

“Over the next two dry season cycles, our plan is to, in phase one ensure the completion of 24 estates, as this will also lead to the generation of about five thousand houses in the nation’s housing stock.

“And another 38 estates resulting in the erection about 10,000 houses in the nation’s housing stock. And then the last phase is the completion of 14 housing estates that will also bring 2300 in the nation’s housing stock”.