Vanguard· 1h ago· 1 min read
…Darma orders FMBN to expand access, proposes rent registry, escrow for developers
By John Alechenu, Abuja
The federal government has raised the ceiling for mortgage loans to ₦85 million as part of efforts to deepen access to housing finance and strengthen regulation in the real estate sector.
The minister of housing and urban development, Dr. Muttaqha Rabe Darma, gave the directive at the weekend while presenting a keynote address at the BusinessDay Real Estate Conference 2026 in Abuja.
According to Darma, the new ceiling is expected to enable the Federal Mortgage Bank of Nigeria, FMBN, to approve at least 2,000 mortgages annually. It will also allow contributors to the National Housing Fund, NHF, to access up to 25 percent of their retirement savings accounts as equity for home ownership.
Addressing Nigeria’s rising rent burden, Darma said the ministry was proposing a national…
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