TheCable

She made the call at the 2016 budget defence meeting of the committee on banking, insurance and other financial institutions with representatives of the Federal Mortgage Bank of Nigeria (FMBN).

She questioned the state of their income, expenditure and zero equity, and demanded an explanation on their rural projections for 2016 in line with the rural housing agenda of President Muhammadu Buhari.

“I have not seen your projections for rural housing development, for instance in Anambra state the impact of the FMBN has not been felt neither have I noticed its activities in the past,” Oduah said.

“Mr managing director, I also want to know if the growth rate of  the cooperation is enough to serve as a catalyst for mortgage improvement.”

“I am convinced that this will be a catalyst for economic growth such that it will create a high value, fill in existing gaps in our housing needs and increase job creation from estate developers.

“Housing and utility companies will emerge household equipment manufacturers will be activated, we must make this work our Nigerians need to have access to  affordable housing. Mortgage must be single digits.”

In his response the Danbala Danju, FMBN MD, stated that they were very optimistic that there would be mortgage improvement, and that a number of housing projects were underway in many states of the federation.

“We are optimistic and will remain optimistic that there will  be mortgage improvement , we also have a number of housing projects that will benefit the rural communities if fully executed, “he said.

The committee chaired by Rafiu Ibrahim from Kwara south also received the Nigeria Agricultural Insurance Corporation, (NAIC); Nigeria Deposit Insurance Corporation, (NDIC); Nigeria Export and Import Bank,(NEXIM); National Insurance Commission, (NAICOM) who presented there budget performance for 2015, and proposals for 2016.