In a move seen as a way of reducing the housing deficit in the country, which has been put at about 16 million units and stirring up the provision of affordable housing, the
The administration of President
Represented by the Vice President, Namadi Sambo, President Jonathan said the present administration is mindful of the need to accord priority to housing sector due to the importance of the housing sector to the socio-economic development of any nation as it constitutes an important element of job and wealth creation.
Jonathan described the commissioning of the estate named Elim, as another visible and verifiable pointer to the success of housing delivery initiative the present administration commenced about four years ago.
He expressed delight at the commissioning of the estate which was financed by FMBN using resources of the
According to him "It is remarkable that to enable the scheme cater for affordability issues of individuals, the estate offers 1 bedroom, 2 bedroom, 3 bedroom units among others at affordable price to low and medium income earners.
"While commending the developers for prudent use of the resources, I wish to say that this commissioning signifies the usefulness of synergy and corporation between government and private sector. It underscores the effectiveness of the NHF as a veritable source of long term funding and justifies the need to strengthen the scheme through the recapitalisation of FMBN
" Also, the
In his speech, Managing Director of FMBN, Gimba Ya'u Kumo, commended the present administration on its efforts at providing quality and affordable housing to Nigerians. He expressed delight at the quality of work by the developer and urged others to emulate him saying he has been able to deliver the project in record time and at required quality.
These developments affirm the tangible achievements of the Transformation Agenda in the area of providing affordable housing for Nigerians throughout all the geopolitical zones of the country.
The construction of the
The estate comprises 128-one bedroom terrace units selling for N3.5 million each, 32 two bedroom terrace units at the cost of N4.5 million each, 89 two bedroom blocks at the cost of N5.8 million each and 75 three bedroom bungalows attracting N10 million each. All housing units are delivered with high quality finishing in addition to accompanying infrastructures of a good road network, electricity, sewage and other facilities to guarantee a comfortable and decent environment for the prospective estate residents.
Kumo said that in line with
The concessionaire terms of the loans he said, are in conformity with the directive given to the bank to provide Nigerians access to cheap funding for owning their own houses.
Kumo commended the Enugu State Governor,
" It is in view of the resumption of NHF contributions that FMBN offered the Enugu State government a N2 billion estate development loan to be drawn down through
He commended the President on his remarkable achievements in recent times noting that the achievements are being consolidated upon despite the challenges of land acquisition and absence of long-term funding which the present administration is effectively addressing.
The occasion afforded the FMBN the opportunity to touch on the thorny issue of lack of funds as the MD disclosed that with the 2.5 per cent deduction from workers salaries, the bank has been finding it very difficult to carry out its obligations and therefore requested for more funding.
" If you look at the minimum wage of 18, 000, the deduction is 2.5 per cent. If you run your numbers, it is about N450. We have 3, 777, 000 contributors. It takes 250 contributors contributing N500 monthly for 10 years for one person to be able to access N15 million.
"That is the statistics and that is why we are talking to government to fund us, even if it is a low interest loan for a long tenure. By the time you run a mortgage for five years, it is not a mortgage. A mortgage should run for 15 years or more" he said.
Kumo said that what this means is that an average Nigerian can identify a house in any location in
The MD commended the developer,
Also speaking , Governor
He said that apart from keying into the Federal Housing Scheme, his government was partnering with the private sector to provide quality and affordable houses for its workers.
While assuring of his readiness to continue partnering with the
He urged states to collaborate with ten private sector to Providing houses to Nigerians as the federal government alone should not be made to bear the burden.
" that is why we released the land for this housing project as it signifies a right step in collaborating with the private sector to providing housing for our people. Housing provision is very important and that is why we have made huge investments in the sector" he said.
"Here in Enugu State, we have fully developed six estates and all of them are occupied. We found time to commission the
The Governor, however, observed that since it could not meet the housing needs of the people alone, it had continued to partner with reputable estate developers, noting that "
He equally described the developer, Rev. Surveyor
The Managing Director,
The Estate, according to him, equally contains a perimeter fencing and police post, tarred access roads, dedicated 500 KVA transformer, water reticulation, indoor sporting facilities and a shopping centre.
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