THE House of Representatives on Tuesday said that the Federal Government should recapitalise the Federal Mortgage Bank of Nigeria to the tune of N500 billion.
The recapitalisation of the mortgage bank according to the lawmakers would make it more vibrant and responsive to its functions, for effective housing delivery in Nigeria.
This was part of the recommendations of the House Committee on Housing on the need to ensure full compliance with the National Housing Fund Act for effective Housing delivery in Nigeria.
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The recommendation was considered at the committee of whole chaired by Honourable Yakubu Dogara.
The House approved the recommendation that Central Bank of Nigeria, CBN, Commercial Banks and Insurance Companies should be compelled to perform their statutory duties as provided in the Act.
Also, the House approved that existing Federal government institutions should be supported rather than create new ones to avoid duplication of functions.
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