Nigeria's Housing Minister Proposes N85m Mortgage Loans
The Federal Government is planning significant reforms in Nigeria's housing finance system, proposing to raise the maximum mortgage loan to N85 million and aiming to deliver 5,000 mortgages annually by 2028. This initiative, announced by the Minister of Housing and Urban Development, Engr. Dr. Muttaqha Rabe Darma, targets informal-sector workers who have faced challenges in accessing conventional mortgages due to irregular earnings.
The proposals were unveiled at the 15th Meeting of the National Council on Lands, Housing and Urban Development in Sokoto. The Federal Mortgage Bank of Nigeria (FMBN) is expected to deliver 2,000 mortgages in 2026, increasing to 5,000 by 2028.
Additionally, FMBN plans to allocate at least 70 percent of the previous year’s National Housing Fund contributions into mortgage facilities annually. The reforms include reserving 30 to 40 percent of mortgage bookings for informal workers and establishing a National Housing Finance Authority for better coordination and regulation.
The Diaspora Mortgage Programme will also allow Nigerians abroad to invest in residential properties in Nigeria.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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