FMBN, FGSHLB Sign N10bn Deal for Affordable Housing

The Federal Mortgage Bank of Nigeria (FMBN) and the Federal Government Staff Housing Loans Board (FGSHLB) have entered into a N10 billion partnership aimed at expanding access to affordable housing for federal workers across Nigeria. This initiative follows the Federal Government's approval of the N10 billion fund for a housing loan scheme for civil servants, which is expected to strengthen access to mortgage financing, home renovation support, and rental assistance.

Shehu Osidi, Managing Director and Chief Executive of FMBN, noted that the bank has disbursed N2.6 billion in home renovation loans to 3,051 federal civil servants recently. The partnership is seen as a significant move to address the growing housing challenges in Nigeria, where the housing deficit is estimated to exceed 15 million units, leaving many families in overcrowded and substandard conditions.

The collaboration aims to restore financial stability and dignity for civil servants amid rising housing costs and inflation.