Osun Set To Access N1.5bn FMBN Housing Loan

coat of armsOsun State government has commenced moves to take up a housing development loan facility of N1.5 billion offered by the Federal Mortgage Bank of Nigeria (FMBN)

To this end, Gov. Rauf Aregbesola recently wrote a letter to the State House of Assembly seeking approval to access the loan. In the letter, the governor said if approved, the loan would be used to build 342 housing units by the State Property Development Corporation. He said the houses would be sold to the contributors to the National Housing Fund in the state public service.

Aregbesola said his administration had deemed it worthwhile to accept the loan offer because of its benefits, noting that the move to build the houses is part of efforts at realizing the objectives of the Urban Renewal Programme of his administration.
The letter read in part: “FMBN offered the state in principle, loan facilities of N1.5 billion on April 8, 2011, the opportunity which the last administration missed in May, 2010. OSPDC has been directed to access the loan, as all requirements have been met towards gaining access to the loan facility, except forwarding the loan application to the State House of Assembly for ratification.

“This administration has deemed it worthwhile to accept the offer taking cognizance of the numerous advantages deliverable from it, if adequately administered. The physical growth and development of our urban centres which is a clear testimony of the Urban Renewal Programme this administration is intending to achieve can become realizable. Land affordability, job creation, our doggedness towards revenue generation, among other things, are consequences of this venture. This is a rare opportunity that should be embraced with open hands by a state that has not experienced such.”

The letter also indicated that Ajaka Estate, Ilesa; Moremi Estate, Ile-Ife; Owamiran Estate, Esa-Oke; Olufi Estate, Gbongan; Akoda Estate, Ede; Oluwo Estate, Iwo; Okinni Estate, Okinni; Okuku Estate, Okuku, and Agunbe Estate, Ikirun, would benefit from physical development through the loan facility.