Federal Mortgage Bank disburses additional 8,700 homes, N112 billion in three years

In a bid to boost the delivery of affordable housing for Nigerians, the Federal Mortgage Bank of Nigeria (FMBN) has disclosed that it spent an additional sum of N112 billion and built additional 8,700 new homes between 2017 and 2020.

This information was revealed in a statement issued by the Head, Corporate Communications Group of the Federal Mortgage Bank of Nigeria, Mr. Lawal Isa, on behalf of the Managing Director, Mr. Ahmed Dangiwa.

Highlights of the statement:

- The total sum of N265 billion has been disbursed as housing fund by the Federal Mortgage Bank of Nigeria.

- This sum indicates an increase of N112 billion or 74%, up from N152.5 billion disbursed by the institution as of 2017.

- About 8,700 new homes have been built between 2017 and 2020, representing a growth of 43 percent to attain a cumulative of 29,133 funded housing units.

- Within the period, the National Housing Fund (NHF) collections increased by 80% or N186 billion to reach a cumulative amount of N418 billion as of September.

- Home renovation micro-loans increased by over 2,000% from about 2,600 loans to about 56,000 loans in the last three years.

- About 570,000 contributors had been added to attain a contributor base of over 5.1 million NHF subscribers.

- 34 out of the 36 states of the Federation were compliant regarding workers’ contributions, with five states resuming contributions within the past three years.