Federal Government approves housing loans to reduce the massive deficit, according to information published by The Sun Nigeria.
The Federal Government of Nigeria has approved over N208 billion in housing and mortgage loans to tackle the country's housing deficit. The announcement was made during the commemoration of World Habitat Day and World Cities Day in Abuja.
Shehu Usman Osidi, the Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), revealed that over N120 billion has already been disbursed. These funds support construction, mortgage financing, home renovation, and co-operative housing initiatives.
The strategic objective is to broaden pathways for citizens to access decent and affordable housing, addressing a deficit estimated at over 15 million units. The initiative relies on institutional reforms and multi-agency coordination to expand homeownership opportunities across the country.
Financing Affordable Housing Units Nationwide
Under the 2025 Presidential and Ministerial Deliverables, the Federal Mortgage Bank of Nigeria successfully financed 6,911 affordable housing units. This achievement represents an impressive 96 per cent of the bank's annual target of 7,200 units for the fiscal period.
Shehu Usman Osidi noted that these milestones underscore the institution's role as a reliable conduit for delivering affordable homes. Meanwhile, in Ekiti State, 220 teachers and other beneficiaries are set to receive N62 million in separate housing loans.
Expanding Diaspora and Ethical Mortgage Products
In line with the government commitment to inclusivity, authorities have formally launched the Diaspora National Housing Fund (NHF) mortgage loan. This program enables Nigerians living abroad to invest in affordable properties back home securely.
Before the end of the month, the bank will also commence implementation of the Non-interest Mortgage Product for ethical financing. Additionally, a rent assistance product will ease the burden of rent payments for federal civil servants as a bridge to homeownership.
Reforms in Housing and Urban Development
Minister of Housing and Urban Development Engineer Muttagha Darma disclosed that the government is implementing comprehensive reforms. These measures strengthen housing institutions, improve service delivery, and create an enabling environment for private sector investment.
The ministry is also promoting local building materials manufacturing hubs to reduce construction costs and stimulate domestic production. Furthermore, United Nations Secretary-General Antonio Guterres emphasized that adequate housing remains the foundation of dignity, security, and global opportunity.
Frequently Asked Questions
What is the total amount of housing loans approved by the Nigerian government?
The Federal Government of Nigeria has approved over N208 billion in housing and mortgage loans, with more than N120 billion already disbursed to support various housing initiatives.
Who leads the Federal Mortgage Bank of Nigeria?
Shehu Usman Osidi serves as the Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, overseeing nationwide affordable housing delivery.
How many housing units were financed under the recent presidential deliverables?
The Federal Mortgage Bank of Nigeria financed 6,911 affordable housing units, achieving 96 per cent of its annual target of 7,200 units under the 2025 deliverables.
What new mortgage products are being introduced for Nigerians?
The Federal Mortgage Bank of Nigeria launched the Diaspora National Housing Fund mortgage loan and will soon introduce non-interest mortgage products and rent assistance for federal civil servants.
