Federal Government Targets N85 Million Mortgages by 2028
The Federal Government is proposing to raise the maximum mortgage loan available to Nigerians from N50 million to N85 million to improve access to homeownership and housing finance. Dr Muttaqha Rabe-Darma, the Minister of Housing and Urban Development, announced this initiative on Thursday at the 15th National Council on Lands, Housing and Urban Development in Sokoto.
The government aims to provide 2,000 mortgages in 2026 and 5,000 by 2028, with a focus on allocating 30% to 40% of mortgage bookings to informal sector workers. This initiative seeks to address the challenges faced by these workers in accessing conventional housing finance.
Additionally, plans to establish a National Housing Finance Authority were disclosed to enhance regulation and accountability in the housing finance sector. The Diaspora Mortgage Programme was also launched to enable Nigerians abroad to invest in homeownership in Nigeria.
The government plans to construct 100 housing units in each of Nigeria's 774 local government areas to tackle the housing deficit.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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