National Assembly Backs Recapitalisation of Federal Mortgage Bank
The National Assembly says its support for the Federal Mortgage Bank of Nigeria’s (FMBN) recapitalisation efforts aims to enhance the bank’s capacity to deliver affordable housing and reduce the nation’s housing deficit.
Sen. Aminu Tambuwal, Chairman of the Senate Committee on Lands, Housing, and Urban Development, stated this on Wednesday in Lagos during a top management housing sector retreat.
The event, organised by the Federal Ministry of Housing and Urban Development, aimed to deliberate on strategies for actualising the Renewed Hope Agenda for Housing and Urban Development. Tambuwal said the Senate would ensure adequate funding and back FMBN recapitalisation drive toward affordable mass housing delivery for Nigerians.
He said the theme, “Actualising the Renewed Hope Agenda for Housing and Urban Development: Examining Strategies, Identifying Opportunities to Boost Scale and Impact”, was both timely and significant. He said that housing and urban development play a pivotal role in national economic growth and social stability.
According to him, achieving scale and impact requires adopting innovative strategies that unlock opportunities for affordable housing, expanding private sector participation, and strengthening institutional frameworks.
Tambuwal reaffirmed commitment of his committee to supporting policies and legislative frameworks, noting that it would help to drive efficiency in the housing sector.
He said that the entire National Assembly would continue to collaborate with the ministry, its agencies and other stakeholders to ensure best global practices that aligned with President Bola Tinubu’s Renewed Hope Agenda.
According to him, a key part of achieving this agenda is the funding of priority projects to enable the ministry to discharge its mandate effectively. Tambuwal, while highlighting ongoing projects and those receiving attention, added that the Committee was also working to reinstate the Federal Housing Authority (FHA) in the federal budget.
He noted that this would enable it to replicate past successes such as FESTAC Town and Gwarimpa Estate. “In addition, I urge all participants at this retreat to identify legislative amendments that may be necessary to strengthen the housing sector,” he said.
He reassured that the Senate Committee on Lands, Housing, and Urban Development would expedite action on the necessary amendments to ensure their swift passage into law. He said the committee would offer all necessary support to federal agencies and other stakeholders in the housing delivery value chain for efficiency.
He urged participants to use the retreat as a collaborative platform to accelerate realisation of collective visions. Mr Abiante Awaji, Chairman, House Committee on Regional Planning and Urban Development, while delivering a goodwill message, also shared insights on how to bridge funding gap.
He said a lot has to be done in terms of research to provide local alternatives to foreign building materials to make housing affordable and available.
The Minister of Housing and Urban Development, Mr Ahmed Dangiwa, commended the National Assembly for its efforts in supporting the ministry. “When the Budget Office presented their budget, the ministry initially received a significant reduction from the amount provided in 2024.
“We engaged with the National Assembly Committees, and they intervened to increase our budget by an additional N50 billion,” he said. Dangiwa said their support helped the ministry create additional jobs, while businesses and individuals were empowered to positively impact on the economy.
He stated that the ministry had requested an additional N360 billion to expand the spread of the Renewed Hope Estates to 18 more states.
According to him, the additional funds will also extend the urban renewal programme to cover over 100 more sites, and address outstanding liabilities, among other needs #National Assembly Backs Recapitalisation of Federal Mortgage Bank Yield on Nigerian Treasury Bills Falls ahead of Rebase Data
