'We are determined to solve this problem,' Mustapha Shehuri says
The Federal Government has promised to finally put an end to Nigeria's housing shortage which requires 17 million houses.
According to him, the current Buhari-led administration is determined to tackle the deficit, which requires 17 million houses, Vanguard reports.
Shehuri made this declaration at the commissioning of the FMBN/Lape Estate, Karu, developed by Lape Construction Services Ltd. under a public private partnership (PPP) arrangement, with Platinum Mortgage Bank Nig. Ltd, which he said was proof that the government is ready to stop the housing shortage in Nigeria.
There, he said, “Indeed, the ministry’s plan to build mass housing units in every state of the federation for public workers over the next three years, under a public private partnership arrangement has reached an advanced stage in terms of implementation.
“National housing models have been designed and approved for each geopolitical some, which takes care of our socio-cultural and climatic diversities in our choice of house type, promotion of standardisation, as well as the use of local building materials.
“This will translate to affordability of housing for Nigerians and will also create employment opportunities for our teeming youths currently unemployed.”
Also present at the event was the Acting Managing Director and Chief Executive of Federal Mortgage Bank of Nigeria, FMBN, Mr. Richard Esin.
Esin, who commissioned the estate, highlighted the benefits, which include repaying the cost of mortgage over five years, and the fact that loan applicants will not be required to make down payment of 10 percent of the house price.
He also said that these benefits reduce the cost of home ownership by at least 20 percent.
The newly commissioned housing estate has two phases, the first has 295units of two-bedroom semi-detached bungalows, while the phase 2 has 34 units two-bedroom and 94 units of three-bedroom detached bungalows.
Phase 2 is yet to be commissioned.
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