The Senate has planned to engage the Executive Arm of Government on the urgent recapitalization of the Federal Mortgage Bank of Nigeria (FMBN) to enhance its capacity to provide affordable housing for Nigerians and address the country’s housing deficit.
Chairman of the Senate Committee on Housing and Urban Development, Alhaji Aminu Waziri Tambuwal, stated this while receiving the management of the Bank during the 2025 budget session at the National Assembly Complex in Abuja.
Alhaji Aminu Waziri Tambuwal, who commended the Bank’s performance in implementing the 2024 budget, expressed concern over the insufficient allocation in the 2025 budget, given the pivotal role the Bank plays in addressing the housing needs of millions of Nigerians.
The Committee Chairman, however, advised the management of the Federal Mortgage Bank not to be discouraged by the small allocation, assuring them that the leadership of both chambers of the National Assembly would intervene to address the challenges hindering the Bank’s smooth operations.
Earlier, the Managing Director Federal Mortgage Bank of Nigeria Alhaji Shehu Usman Osidi, said the Bank has initiated series of loans packages accessible for low salary earners but lack of capital has been the major obstacle preventing their implementation.
Alhaji Shehu Usman Osidi, who appreciated the commitment of the two chambers of the National Assembly for backing them, assured that Mortgage bank was fully committed to support the implementation of the renewed hope agenda of President Bola Ahmad Tinubu, through the provision of Mass housing in Nigeria.
In his contribution, the Executive Director Loans and mortgages Dr Muhammad Sani Abdullahi, advocated the review of some laws that established the Bank’s operations in view of the huge set back they have been causing to the progress of the bank.
Dr Sani Abdullahi, confirmed that currently the bank is executing a number of projects in Bayelsa, Osun, Sokoto, Bauchi, Kebbi, and Zamfara States despite the limited capital while millions of people from different parts of the country have been applying for loans to renovate their houses.
The Executive Director also is optimistic that as far as the tenth Assembly was concern the issues raised by the mortgage bank during budget defence would be adequately addressed in the interest of National development.
COV/TSIBIRI