FG plans N85 million mortgage limit, 40% allocation for informal workers
The federal government is proposing to increase the maximum mortgage loan from N50 million to N85 million to improve access to homeownership.
Housing and urban development minister Muttaqha Rabe-Darma disclosed this at the 15th National Council on Lands, Housing and Urban Development on Thursday in Sokoto.
He said, “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. The federal government is directing the Federal Mortgage Bank of Nigeria 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.”
He said the government was also targeting 2,000 mortgages in the current year, with the figure expected to rise to 5,000 by 2028. According to him, the initiative is aimed at bridging the gap between workers’ contributions to the NHF and the actual delivery of housing finance.
Mr Rabe-Darma also said the government was targeting the allocation of between 30 and 40 per cent of mortgage bookings to informal-sector workers. According to him, many of them face difficulties accessing formal housing finance because of irregular incomes and limited access to conventional lending arrangements.
He said the proposed reforms were designed to strengthen the housing finance system and ensure that more Nigerian workers benefit from their contributions to the NHF. According to him, the federal government plans to establish a National Housing Finance Authority to strengthen regulation of the housing finance sector and expand access to affordable mortgages for Nigerians.
Mr Rabe-Darma said the proposed authority would provide a coordinated regulatory framework, strengthen accountability and improve the overall performance of the country’s housing finance sector. The minister also said the recently launched Diaspora Mortgage Programme would provide Nigerians living abroad with opportunities to invest in homeownership in their home country.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Abuja
Air crash averted as ‘explosive decompression’ rips off Triton plane’s door after take-off
A crash was averted on Thursday when a plane made an emergency landing at Nnamdi Azikiwe International Airport following the loss of its door shortly after take-off.
World
El Niño could push 45 million more into acute hunger by end of 2027, WFP warns
The WFP said its operations and innovations reached 132.5 million people in 75 countries and territories last year.
Lagos
Lagos to divert traffic for Ozumba Mbadiwe Road rehabilitation from October 19
The commissioner implored motorists to plan their movement, obey traffic officials, and cooperate with the interventions put in place to ease traffic.
States
Kaduna SSG counsels governing board members to operate within law
Mr Meyere pointed out that a board or council provides policy direction and oversight, while day-to-day administration remains the responsibility of the management.
Economy
NBRDA, EHCON explore biogas solution to abattoir waste challenge
Nigeria’s abattoir waste could become a source of renewable energy under a new partnership between two agencies seeking better environmental management, authorities have said.
Economy
Liberia launches 2026 offshore licensing round, offering 15 blocks to investors
Qualified companies are invited to negotiate offshore exploration opportunities, with submissions closing April 15, 2027.
