Federal Mortgage Bank Releases N46.9bn To Address Housing Deficits

The Federal Mortgage Bank of Nigeria (FMBN) says it has released an additional N46.9 billion in funding for the Federal Government Housing projects.

The schemes are the Renewed Hope City projects in Karsana, located in the Federal Capital Territory, and Ibeju Lekki area of Lagos.

FMBN Managing Director and CEO, Shehu Osidi stated these yesterday in Abuja, in his first official address since appointment.

Osidi said that N19.9 billion had been allocated to the Karsana project, while N27 billion was designated for the Renewed Hope City in Ibeju Lekki.

He said the schemes are expected to deliver 1,500 housing units, reinforcing the government’s commitment to expanding affordable homeownership opportunities.

Providing insight on the aspirations of the Federal Mortgage Bank, he said it is so that any Nigerian above the age of 18 earning at least N3,000 could be able to contribute to and benefit from the mortgage system.

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“We will listen carefully, act responsibly, and lead courageously to make a positive impact in the housing sector in line with the President’s Renewed Hope Agenda,” he promised.

He said the aim of the FMBN was to ensure affordability, accessibility, and sustainability of housing for Nigerians, with the Renewed Hope City projects expected to set a benchmark for future housing initiatives in the country.

He said the bank was committed to delivering quality homes that align with national urban development goals.