FG, FMBN Launch N10bn Housing Fund for Workers
The Federal Government has partnered with the Federal Mortgage Bank of Nigeria (FMBN) to roll out a ₦10 billion housing finance programme aimed at helping federal civil servants access affordable mortgages, rent support, home renovation loans, and housing development finance.
The initiative was formalised through the signing of a Memorandum of Understanding (MoU) between FMBN and the Federal Government Staff Housing Loans Board, marking a major step in the government’s efforts to improve workers’ welfare and expand access to homeownership.
Speaking at the signing ceremony in Abuja, FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, described the agreement as a renewed commitment to addressing the housing needs of public servants. He noted that the bank will provide funding for on-lending to eligible workers, creating a more structured and efficient framework for housing finance delivery.
According to Osidi, the bank has already disbursed more than ₦2.6 billion in Home Renovation Loans to over 3,000 federal civil servants, demonstrating ongoing efforts to support workers through affordable housing products. He added that the new arrangement would make it easier for civil servants to access mortgage loans, renovation financing, rent assistance, and incremental housing development schemes.
The Head of the Civil Service of the Federation, Didi Esther Walson-Jack, said the housing scheme forms part of a broader package of welfare reforms approved by President Bola Ahmed Tinubu. She explained that the initiative is designed to improve access to homeownership while enhancing the productivity and well-being of government workers.
Housing advocates have welcomed the programme, noting that many civil servants struggle to access affordable mortgages despite contributing to the National Housing Fund. Executive Director of the Housing Development Advocacy Network, Festus Adebayo, said the intervention could significantly expand access to low-interest housing finance, particularly through FMBN’s six per cent National Housing Fund mortgage rate, one of the lowest in the country.
However, some experts have urged the government to ensure proper coordination of housing initiatives. Estate surveyor and valuer Olufemi Oyedele cautioned against creating overlapping structures within the housing sector, arguing that existing institutions should be strengthened to improve accountability and efficiency.
The latest housing finance intervention comes as Nigeria continues to grapple with a housing deficit estimated at more than 20 million units, amid rising construction costs, inflation, and increasing rental pressures across major cities. Stakeholders believe the ₦10 billion scheme could provide much-needed relief for civil servants seeking affordable pathways to homeownership.
