Nigeria's Housing Minister Unveils Mortgage Expansion Plans
The Nigerian federal government has announced plans to expand mortgage delivery to 5,000 by 2028 and increase the maximum housing loan from N50 million to N85 million. Dr Muttaqha Rabe Darma, the Minister of Housing and Urban Development, revealed these reforms at the 15th Meeting of the National Council on Lands, Housing and Urban Development in Sokoto.
The Federal Mortgage Bank of Nigeria (FMBN) is tasked with delivering 2,000 mortgages in 2026, with a target of 5,000 by 2028. Additionally, the FMBN is directed to disburse at least 70 percent of the previous year’s National Housing Fund contributions through mortgage facilities annually.
The government aims to allocate 30 to 40 percent of mortgage bookings to informal-sector workers. Plans include establishing a National Housing Finance Authority and promoting the Diaspora Mortgage Programme for Nigerians abroad.
Ahmad Aliyu Sokoto, the Governor of Sokoto State, emphasized the importance of housing for human dignity, while Hon. Awaji-Inombek Abiante called for policy changes to enhance homeownership affordability.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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