The Federal Government is proposing to extend the utmost mortgage mortgage out there to Nigerians from N50 million to N85 million as a part of efforts to increase entry to homeownership and enhance housing finance.
The Minister of Housing and Urban Development, Dr Muttaqha Rabe-Darma, disclosed this on Thursday on the fifteenth National Council on Lands, Housing and Urban Development in Sokoto.
He mentioned the federal government was concentrating on 2,000 mortgages in 2026 and 5,000 by 2028.
FG targets informal-sector employees
Rabe-Darma mentioned the federal government was concentrating on the allocation of between 30% and 40% of mortgage bookings to employees within the casual sector, lots of whom face difficulties accessing typical housing finance due to irregular incomes and restricted entry to formal lending preparations.
- “The federal government is targeting 5,000 mortgages by 2028 and proposing to increase the maximum mortgage loan from N50 million to N85 million to improve access to homeownership,” he mentioned
- “The federal government is directing the Federal Mortgage Bank of Nigeria (FMBN) to increase mortgage disbursements, with a target of disbursing at least 70 per cent of the previous year’s National Housing Fund (NHF) contributions through mortgages annually,” the minister added.
According to him, the directive is meant to bridge the hole between employees’ contributions to the NHF and the precise supply of housing finance.
The minister additionally disclosed plans to ascertain a National Housing Finance Authority to coordinate regulation and strengthen accountability within the housing finance sector.
Rabe-Darma added that the not too long ago launched Diaspora Mortgage Programme would offer Nigerians dwelling overseas with alternatives to spend money on homeownership within the nation.
FG targets 100 housing models in every LGA
The minister mentioned the federal government was working in the direction of developing 100 housing models in every of Nigeria’s 774 native authorities areas as a part of efforts to handle the nation’s housing deficit.
- He confused that sustainable housing supply required greater than constructing homes, noting {that a} useful mortgage system was essential to allow residents to accumulate them.
- Rabe-Darma cited Rwanda’s expertise in increasing its mortgage market by institutional reforms and mortgage refinancing mechanisms, saying Nigeria may study from international locations that had taken deliberate steps to enhance entry to housing finance.
- The minister urged related establishments and stakeholders to help the reforms, stressing that efficient implementation, transparency and accountability could be important to reaching the federal government’s housing supply targets.
- Also talking, the Chairman of the House of Representatives Committee on Urban Development and Regional Planning, Awaji-Inombek Abiante, recognized a number of coverage measures wanted to handle Nigeria’s housing deficit.
Abiante known as for single-digit rates of interest on mortgage loans, a evaluate of housing costs, clear and environment friendly land registration processes, efficient improvement management and the introduction of a National Housing Identification Number.
What it’s best to know
FMBN’s earlier collections, lending exercise and recapitalisation plans present additional context for the federal government’s proposed mortgage reforms.
Nairametrics beforehand reported that FMBN collected N152.4 billion in National Housing Fund (NHF) contributions in 2025, representing a 48% improve from N103 billion in 2024.
The financial institution additionally increased its housing loan approvals to N71.5 billion in 2024, up from N39.7 billion in 2023, because it sought to increase entry to reasonably priced homeownership.
In February 2026, FMBN said it was targeting N750 billion in recapitalisation to strengthen its capital base and improve its capacity to finance affordable housing. The financial institution’s managing director, Shehu Osidi, recognized undercapitalisation as a significant constraint on its skill to handle Nigeria’s housing deficit.
