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The Federal Government has announced that it will invest N500 billion in Federal Mortgage Bank of Nigeria (FMBN) to boost mortgage finance and meet the rising housing demand of Nigerian workers. Minister of State for Power, Works and Housing, Mustapha Baba, disclosed this today at the inauguration of the ministerial pilot housing scheme project in Jalingo, Taraba State.

The project, which was financed by FMBN, comprises 202 residential estates with 24 one-bedroom terrace buildings, being sold for N3.2 million each; 88 two-bedroom bungalows going for N5.6 million each; and 90 three-bedroom bungalows at N7 million per building, according the News Agency of Nigeria (NAN).

Taraba State Governor, Darius Ishaku, said that the state government plans to collaborate with the FMBN and the Federal Ministry of Power, Works and Housing to construct more homes for civil servants in the state.

“We are equally doing our best to meet the housing needs of the fast-growing population, following the relocation of some people into the state, as a result of insurgency in some north-eastern states,” Governor Ishaku, who was represented by Deputy Governor Haruna Manu, said. “The state government has already acquired land to build 500 housing units in partnership with some development partners.”

National President of the Trade Union Congress (TUC), Boboi Kaigama, urged the state government to subsidise the cost of the houses, stating that civil servants can scarcely afford N7 million for a three-bedroom bungalow. The labour leader also advised the Federal Ministry of Power, Works and Housing to incorporate local government workers into FG’s housing schemes to foster integration and acceptance.

FMBN has a mission to reduce Nigeria's huge housing deficit by promoting the growth of viable primary mortgage institutions to enhance housing delivery across the country. The bank mobilizes both domestic and offshore funds into the housing sector.

FMBN operates the National Housing Fund (NHF) designed to mobilize funds for the provision of affordable residential houses for Nigerians. Part of the aim of the scheme is to provide long-term loans to mortgage institutions for lending to contributors of the Fund, among other objectives.