The Senate has raised concerns over the federal government’s N150 billion real estate fund investment, neglecting FMBN’s capital share.
The Ministry of Finance Incorporated (MOFI) subscribed to the N150 billion series 1 offering under its real estate fund.
This development represents a major step toward reducing Nigeria’s housing deficit and increasing affordable homeownership opportunities for Nigerians.
However, Senator Aminu Tambuwal criticized the government for neglecting Federal Mortgage Bank of Nigeria’s (FMBN) essential capital share.
He expressed disapproval, questioning why MOFI received N150 billion while FMBN still awaits its rightful capital funding.
Tambuwal spoke at the 2025 Housing and Urban Development sector retreat themed “Actualising the Renewed Hope Agenda.”
Senate Backs FMBN Recapitalisation, Pushes FHA Budget Reinstatement
Tambuwal reaffirmed the Senate’s dedication to recapitalising FMBN, boosting its capacity to provide affordable housing nationwide.
He mentioned efforts to reinstate the Federal Housing Authority (FHA) in the federal budget for upcoming housing projects.
The senator believes FHA’s inclusion could replicate previous successes, such as FESTAC Town and Gwarinpa Estate developments.
Minister Highlights Sector Neglect and Government’s Housing Initiatives
Minister Ahmed Musa Dangiwa revealed that most Nigerian households live in substandard housing, reflecting the country’s housing crisis.
Dangiwa explained that Nigeria’s housing sector has suffered from political neglect since independence, hindering sustainable growth opportunities.
He stated that, within 19 months, the administration developed 14 active construction sites, producing 10,112 housing units.
Despite progress, Nigeria must construct at least 500,000 housing units yearly to resolve the national housing deficit.
Experts Call for Multi-sectoral Housing Development Approach
Abiante Awaji stressed the need for a multidisciplinary approach involving government agencies, private sectors, and relevant stakeholders.
He argued that comprehensive urban planning, infrastructure development, and affordable financing would resolve Nigeria’s complex housing challenges.
