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The federal government has handed over houses to beneficiaries of its Rent-to-Own Scheme in Abuja, reaffirming its commitment to expanding affordable homeownership and reducing Nigeria’s housing deficit through strategic public-private partnerships.
The housing units, developed by Brains & Hammers Limited with funding from the Federal Mortgage Bank of Nigeria (FMBN), were delivered under the Renewed Hope Housing Programme, a flagship initiative of the Tinubu administration aimed at making decent housing more accessible to Nigerians.
Speaking during the symbolic presentation of keys to the new homeowners, the Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, said the initiative reflects President Bola Ahmed Tinubu’s determination to increase access to affordable housing across the country.
He described homeownership as a critical component of the administration’s Renewed Hope Agenda, noting that the government is committed to ensuring that more Nigerians own decent homes through innovative financing arrangements.
“We are determined to meet the expectations of Nigerians in providing shelter for them. All beneficiaries of this Rent-to-Own Scheme will receive the keys to their homes before the end of the year,” Darma declared.
The minister said the Rent-to-Own Scheme offers an affordable pathway to homeownership, especially for low- and middle-income earners who often struggle to raise the large upfront payments required to purchase houses.
He also expressed concern over the rising cost of accommodation in major cities, particularly Abuja and Lagos, noting that soaring rents have continued to erode the disposable incomes of many civil servants and other workers.
According to him, the government’s housing interventions are designed not only to make houses affordable but also to improve the welfare of Nigerians by reducing the financial burden associated with securing decent accommodation.
Darma added that expanding access to affordable housing would stimulate economic growth, create jobs across the construction value chain and improve living standards nationwide.
The Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, acknowledged that the delivery of the housing units, known as Bungalow City, encountered some initial challenges.
He explained that the allocation of part of the estate to security agencies had disrupted the process of assigning houses to subscribers who had already been approved under the bank’s Rent-to-Own Scheme.
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According to Osidi, the bank promptly constituted a joint technical committee with Brains & Hammers Limited to address the allocation issues and ensure that no eligible subscriber was left without a home.
He credited the intervention of the Minister of Housing and Urban Development with helping to resolve the outstanding issues.
Osidi said the collaborative efforts eventually ensured that every profiled beneficiary received a housing allocation.
He congratulated the new homeowners and reaffirmed FMBN’s commitment to expanding affordable homeownership opportunities across the country.
The FMBN boss also pledged the bank’s continued support for the Federal Government’s housing agenda, saying it would continue to provide accessible mortgage financing to help bridge Nigeria’s housing deficit.
Speaking on behalf of the beneficiaries, Mr. Sanusi Seidu Dantsoho expressed appreciation to the Federal Government for giving many Nigerians the opportunity to become homeowners through the scheme.
He commended the government’s commitment to expanding access to affordable housing and ensuring that deserving Nigerians benefit from the initiative.
Dantsoho also praised the Federal Mortgage Bank of Nigeria for providing the financial support that made the project possible, describing the institution as a major driver of homeownership in Nigeria.
He assured the minister and other stakeholders that the beneficiaries would work together to maintain a peaceful, orderly and well-managed estate, while fostering good relationships with other residents.
The Rent-to-Own Scheme is one of the Federal Government’s key housing initiatives designed to enable Nigerians to acquire homes through flexible payment arrangements, while leveraging partnerships with private developers to accelerate housing delivery and reduce the country’s estimated housing deficit.
