The federal government ordered FMBN to channel at least 40% of annual NHF contributions into mortgage financing to boost home ownershipHousing Minister Mustapha Rabe Darma announced the directive at a real estate conference in Abuja on ThursdayThe government also plans to launch a social housing scheme covering all 774 LGAs for teachers, healthcare workers and vulnerable Nigerians
The federal government has directed the Federal Mortgage Bank of Nigeria (FMBN) to allocate a minimum of 40% of annual National Housing Fund (NHF) contributions towards mortgage financing, as part of a broader push to expand homeownership and reduce Nigeria’s growing housing shortfall.
Minister of Housing and Urban Development, Mustapha Rabe Darma, announced on Thursday at a real estate conference in Abuja. He also instructed the bank to increase annual mortgage disbursements from roughly 500 to at least 2,000.
Darma said the directive is aimed at making affordable housing more accessible, deepening mortgage financing, and drawing
