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From Isaac Anumihe and Adline Elechi, Abuja
The Federal Government is targeting 5,000 mortgage disbursements by 2028 and proposing an increase in the maximum mortgage loan from ₦50 million to ₦85 million to expand access to homeownership.
Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, announced the plans at the opening of the 15th Meeting of the National Council on Lands, Housing and Urban Development in Sokoto.
He said the government has directed the Federal Mortgage Bank of Nigeria (FMBN) to disburse at least 70 per cent of the previous year’s National Housing Fund (NHF) contributions through mortgages annually.
The target is 2,000 mortgages this year, which is expected to rise to 5,000 by 2028.
The government, the minister stated, also aims to allocate 30 to 40 per cent of mortgage bookings to informal-sector workers, many of whom struggle to obtain housing finance because of irregular incomes.
Darma said a proposed National Housing Finance Authority would coordinate regulation, strengthen accountability and improve the sector’s performance.
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The recently launched Diaspora Mortgage Programme would also enable Nigerians abroad to invest in homes in the country.
Citing Rwanda’s mortgage reforms and refinancing mechanisms, he said Nigeria could learn from countries that had improved access to housing finance.
Sokoto state governor, Ahmad Aliyu Sokoto, said housing promotes dignity, security and family stability.
He stated that the state’s 500-unit Sokoto New City Housing Project and an internally displaced persons’ shelter were being developed with the United Nations.
Chairman of the House Committee on Urban Development and Regional Planning, Awaji-Inombek Abiante, advocated single-digit interest loans, a review of house prices, transparent land registration, effective development control and a National Housing Identification Number.
He also called for greater use of locally sourced building materials to lower construction costs.
