• 27 May, 2025
• FAITH MIMDOO KEGH
• No comment

Federal Government Disburses ₦73 Billion in Housing Finance to Over 30,000 Beneficiaries.

The Federal Mortgage Bank of Nigeria (FMBN) has disbursed more than ₦73 billion i

n housing finance, benefiting over 30,000 Nigerians through National Housing Loan mortgages, Rent-to-Own schemes, and renovation loans.

The Minister of Housing and Urban Development, Arch. Ahmed Musa Dangiwa, revealed this during the inauguration of the FMBN Board of Directors at the Housing Ministry’s headquarters in Abuja. He also highlighted that in under two years, the Bank registered nearly 374,000 new contributors, processed ₦30.7 billion in National Housing Fund (NHF) refunds, and mobilized over ₦203 billion in contributions.

Dangiwa urged the new board to build on these achievements by deepening institutional reforms, strengthening governance, and expanding the Bank’s impact in line with its statutory mandate and the goals of the Renewed Hope Agenda.

He also tasked the Board with progressing the long-awaited ₦500 billion recapitalization of the Bank to enhance its capacity for providing large-scale, affordable housing finance and supporting national housing delivery efforts.

The minister emphasized the importance of accelerating the Bank’s digital transformation, noting that with the Core Banking Application now fully operational, all customer touchpoints should be digitized. He stressed that contributors to the NHF should be able to register, check balances, apply for loans, and track application status online seamlessly, reflecting the standards of modern financial institutions.

In his inaugural speech, the Board Chairman, Dr. Nasir Yusuf, thanked President Tinubu for the opportunity to serve and pledged that the Board would carry out its duties with sincerity, passion, and integrity.

FAITH MIMDOO KEGH

Manager – Oversees the daily operations, editorial planning, and strategic direction of the platform. A graduate with a solid academic foundation in media and communication, Faith brings a wealth of experience to the TokinPoint.

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