Federal Gov’t Disburses N73bn Housing Finance To 30,000 Beneficiaries

The Federal Mortgage Bank of Nigeria, (FMBN) has disbursed over  ₦73 billion in housing finance, expanding access to over 30,000 beneficiaries through National Housing Loan mortgages, Rent-to-Own, and renovation loans.

The minister of housing and urban development, Arc. Ahmed Musa Dangiwa who disclosed this during the inauguration of the FMBN Board of Directors, yesterday at the Housing Ministry’s Head office in Abuja also revealed that in less than two years, the Bank registered nearly 374,000 new contributors as well as processed ₦30.7 billion in NHF refunds while also mobilising over ₦203 billion contributions.

The minister who also said the achievements recorded by the FMBN must be sustained and exceeded, also called on the new governing board to deepen institutional reforms, strengthen governance, and expand impact in line with the statutory functions outlined in the Bank’s Act and the expectations of the Renewed Hope Agenda.

Dangiwa equally charged the Board to move forward in actualising the long-delayed ₦500 billion recapitalization of the Bank to expand its capacity to provide large-scale, affordable housing finance and support broader national housing delivery efforts.

He called on the board to deepen the Bank’s digital transformation journey adding that with the Core Banking Application now fully operational, there is no excuse for delays. He also instructed that all customer touchpoints must be digitized and emphasized that NHF contributors should be able to register as well as check balances, apply for loans, and track application progress online, seamlessly like any modern financial institution.

In inaugural speech, the chairman of the Board, Dr Nasir Yusuf while thanking President Tinubu for giving him and his team the opportunity to serve in the housing sector, also promised that they have no reason not to perform adding that they will do their job with sincerity, passion and integrity.