The Federal Government has voted N300 million in the 2008 budget to allow the Federal Mortgage Bank to come up with a formula that would allow the informal sector to be accommodated in the country's mortgage system, the chairman, Senate Committee on Housing, Ikechukwu Obiorah has disclosed in Abuja.

He said the move became necessary in order to correct the current lopsided scheme, which allows only the people in the formal sector to be beneficiaries. Obiorah said the panel was undertaking a study that would allow an estimated 30 million Nigerians in the informal sector access mortgage financing for their own homes. The senator decried the current financing system which restricted access to only those in the formal sector, who he said, constituted only 14 per cent of the total economy.