Home Business Housing & Mortgage Sector: NMRC says FG has expended N30bn in four years

Housing & Mortgage Sector: NMRC says FG has expended N30bn in four years

by Kunle Awosiyan
Homes
Nigeria Mortgage Refinance Company has revealed that Nigerian federal government has expended over thirty billion naira in the last four years by incorporating foreclosure law as part of plans to de-risk the housing and mortgage sector.
According to the Managing Director of NMRC, Kehinde Ogundimu after a business interaction with Ogun State Ministry of Housing, eight states of the federation including Federal Capital Territory, where the foreclosure law is operational, are current beneficiaries of the housing funds.
The policy seeks to create conducive environment for accessible and affordable mortgage for the benefit of people particularly low income earners to acquire their own homes by paying a certain percentage of the cost of the unit and paying the balance over a period of years whilst residing in the property.
Meanwhile, Ogun Commissioner for Housing says, the state government has accessed one point two billion naira (NGN1.2 billion) in two years to construct new housing estates across the state.
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