FG spends N198bn to build 26,002 rent-to -own model houses

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A total of N197bn has been spent on the construction of 26,002 houses across the country.

The Federal Government announced this on Tuesday, adding that part of the funds was also used for the renovation of 13,953 homes nationwide.

The Managing Director, Federal Mortgage Bank of Nigeria, Ahmed Dangiwa, who disclosed this at an event in Abuja, stated that the Federal Government was committed to affordable housing for citizens, but noted that funding, access to land title and the cost of infrastructure were still major challenges affecting the sector.

Dangiwa said the FMBN had plans to roll out several products that would enhance home affordability, eliminate down payments and other costs associated to mortgage loan arrangements within the third quarter of this year.

According to him, the bank’s plans were targeted at various housing estates currently being constructed, adding that the projects were expected to inject over 2,000 housing units into the housing stock by 2020.

Dangiwa said, “The Rent-to-Own product designed to enhance affordability by eliminating the need for down payments and other costs associated with normal mortgage loan arrangements has also been approved and set to be rolled out within the third quarter of 2018.”

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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