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FMBN Re-echoes Housing Ministry’s Stance On Housing Subsidies

FMBN Re-echoes Housing Ministry’s Stance On Housing Subsidies

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Summary : The managing director and chief executive of the Federal Mortgage Bank of Nigeria(FMBN), Shehu Usman Osidi has highlighted the need for Nigerians to embrace the housing interventions being driven by the Federal Ministry of Housing and Urban Development. He noted that such interventions in form of subsidies and incentives are necessary tools to address the challenge of affordable housing in Nigeria. Osidi was leading a session at the Maiden Kaduna International Housing Exhibition held, yesterday at the Umaru Musa Yar’adua Hall, Murtala Square, Kaduna. The managing director outlined the various efforts put in place by the government through the Federal Mortgage Bank of Nigeria to meet the housing needs of Nigerians within the low and middle income brackets. He noted that many more incentives in the form of subsidies will be introduced in the coming months and years, urging Nigerians to take advantage of the available options in order to achieve their dream of homeownership. The exhibition was a convergence of key experts in the built industry from across the globe, with a focus on the theme: “Kaduna Sustainable Housing Development – A Model for Northern Housing Reforms.” Delivering a keynote address at the event, the minister of Housing and Urban Development, Arc. Dangiwa identified lack of access to affordable housing finance as one of the major causes of the housing deficit in Nigeria, revealing that 80 per cent of Nigerians cannot afford mortgage services. He stressed that governments at all levels must address the issue of affordability in their desire to deliver sustainable housing solutions to the citizens. Dangiwa stated that almost half of Nigeria’s population of over 201 million are poor and have weak purchasing power, according to statistics. He said, “On the whole, statistics reveal that Nigeria is a low-income country as it has only 13 per cent of its population as middle class. The recent macroeconomic challenges including inflation have made things worse.” Earlier in his address, Governor Uba Sani who was represented by his deputy, Dr. Hadiza Balarabe, emphasised the importance of access to safe, affordable, and secure housing as a fundamental human right and a critical sector for preserving human dignity. He highlighted the state government’s efforts in leveraging local and international investors, social housing schemes, development lease agreements, and public housing corporations to address the housing deficit in the state. The governor also assured investors of a friendly business environment, robust security, and attractive incentives in Kaduna State, calling on local and international investors to take advantage of the opportunities in the housing sector with promise of a steadfast guarantee of support. On his part, the Speaker, House of Representatives, Hon. Abbas Tajudeen, represented by the Chairman, House Committee on Housing and Habitat, Hon. Abdulmumin Jibrin, noted that adequate housing is not just a matter of need but a fundamental human right. “The provision of adequate housing is not just a basic human need but a fundamental right that underpins sustainable development and social cohesion. Sustainable housing development is not just about constructing buildings; it encompasses creating communities that are environmentally friendly, socially inclusive, and economically viable,” he stated. (LEADERSHIP)

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