The Federal Government yesterday hailed the contributions of the Federal Mortgage Bank (FMB) under the administration of President Muhammadu Buhari, especially its efforts in the development of the housing sector through commendable service delivery.
The Minister of Works and Housing, Mr Babatunde Fashola, according to a statement by the Director of Press and Public Relations, at the Ministry, Blessing Lere-Adams, made this known during the opening of the FMBN Board/Management retreat and unveiling of the bank’s new corporate statement in Abuja.
He said: “Since the inception of the Muhammadu Buhari administration in 2015, the bank has a positive story of service delivery to tell with the number of mortgages that have been issued, housing schemes that have been funded and completed and changes that have been made to the eligibility conditions to improve access to funding.”
While stating that the equity contribution ratio for certain types of loans have been reduced, he charged the bank to do more as the Federal Government had infused the Board and Management with a sense of how to reposition itself for greater and optimal performance to serve members of the public, especially those that contribute to the National Housing Fund.
The Minister further stated that the Federal Government has supported the FMB with the acquisition of core banking applications and software that reflect the reality of the current banking environment to enable them to operate comfortably like any ideal bank.
He said the National Council on Housing and Land, which held last week in Sokoto, adopted a recommendation for the FMB to seek NDIC’s insurance of its contributors fund just as it is done for depositors in other banks.
Although the Minister expressed appreciation for the services such as the issuing of mortgages, home refurbishment loans and the introduction of the rent-to-own Initiative, he charged them to think out other ways of easing other concerns of the people, especially the problem of two to three years’ rent payment demand by landlords in advance from tenants.
He observed that the problem of housing deficit is often seen from the angle of ownership, whereas no country in the whole world has one hundred percent housing ownership, adding that it is a balance of ownership and rental.