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The Federal Government has said it will recapitalise the Federal Mortgage Bank to the tune of N500 billion to help cater for the housing needs of Nigerians. 

Minister of State for Power, Works and Housing, Mustapha Baba disclosed this on Monday in Jalingo while commissioning the Ministerial Pilot Housing Scheme Project, financed by the Federal Mortgage Bank.

Mustapha said the recapitalisation will reposition the bank to adequately cater for the mortgage finance needs of Nigerian workers who would be beneficiaries of the housing scheme of the Buhari administration.

He commended the bank’s efforts in stepping up to the challenge of housing deficit by participating in the supply and the demand side of housing finance.

The Minister noted that the estate and its peers scheduled for commissioning across the country and others commissioned in the past were funded from the limited resources of the National Housing Fund and urged Nigerian workers to contribute to the fund to reduce Housing Deficit in the country.

While reiterating the resolve of the Buhari administration in addressing the challenge of housing shortage in the country, the Minister said plans have reach advance stage to commence the implementation of the construction of 5000 housing units in each State of the federation under public-private partnership for the next three years.

On his part, Taraba Governor, Darius Ishaku represented by his deputy, Engr. Haruna Manu said the commissioning will reduce the housing needs of the State Civil Servants and thanked the contractor for delivering a quality job.

“Taraba Government is interested in working with the Federal Mortgage Bank and the Federal Ministry of Power, Works and Housing to build more houses for the people of the State.

“We are equally doing our best to meet the housing needs of the fast growing population of the State following the relocation of some people into the State as a result of insurgency in some North – Eastern States.

“Already land has been acquired to build 500 housing units for the people in partnership with some development partners,” he said.

Earlier, National President of the Trade Union Congress,  Comrade Boboi Bala Kaigama called on the State Government to subsidise the houses as Civil Servants even on grade level 17 cannot afford the N7m pegged for the 3 bedroom semi-detached bungalow.

Boboi appealed to the Federal Ministry of Power, Works and Housing to consider Local Government workers in the housing scheme of the Federal Government to give them a sense of belonging.

National Mirror reports that the 202 Housing Estate has 24 one bedroom Terrace going for N3.2m, 88 two bedroom Bungalow at N5.6m and 90 three bedroom Bungalow N7million.