Barring a last-minute cancellation, Governor Ibikunle Amosun of Ogun State is on the verge of approaching the Federal Mortgage Bank over a N2 billion real estate development loan, after the executive bill seeking the legislature’s approval for the housing loan facility was unanimously passed on Tuesday by 23 lawmakers, giving the governor approval for a housing loan.
The Executive bill which was passed on the floor of the Ogun State House of Assembly, under Suraj Adekunbi, the speaker, with 22 members out of 26 of the House in attendance, was to give the State Housing Corporation, the financial capacity to provide affordable houses for the residents of the State.
The resolution was consequent upon the passage of a motion calling for the approval of the request moved by the Chairman, House Committee on Finance and Appropriation, Olusola Bankole, after it was amended by the Minority Leader, Job Akintan and seconded by Babatunde Edunjobi.
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Opening the housing loan debate on the floor of the Ogun Assembly House, Bankole disclosed that “the loan would go a long way in upgrading infrastructure in existing housing estates, improving living the standard of the people and boosting the morale of the work force, which is the engine room of government.”
Other lawmakers who spoke in support of the resolution including, Adeyinka Mafe, representing Sagamu I; Olusola Sonuga, Ikenne; and Olakunle Oluomo, representing Ifo I; submitted that the facility would enable civil servants who are contributors to the housing scheme have an opportunity to own houses of their own, which would in turn boost their productivity.
They observed that the passage of the resolution was one of the major conditions out of the 13 conditions to be met, saying with this, the State would be among the first set to benefit from the Federal Mortgage Bank loans on housing and property development.
“With this development, the State Government can now go ahead to obtain the “N2 billion Real Estate Development Loan facility from the Federal Mortgage Bank of Nigeria to provide low cost housing and the issuance of an Irrevocable Standing Payment Order (ISPO) by the Accountant General of the Federal Government of Nigeria in favour of the Federal Mortgage Bank of Nigeria,” the Speaker said.
