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The National Assembly has reaffirmed its commitment to supporting the recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN) to strengthen the institution’s capacity for delivering affordable housing and addressing the nation’s housing deficit.
Senator Aminu Tambuwal, Chairman of the Senate Committee on Lands, Housing, and Urban Development, made this known on Wednesday during a high-level housing sector retreat in Lagos. The event, organised by the Federal Ministry of Housing and Urban Development, focused on strategies for implementing the Renewed Hope Agenda for Housing and Urban Development.
Tambuwal emphasized that the Senate is dedicated to ensuring adequate funding and backing the recapitalisation drive of the FMBN to facilitate mass housing projects for Nigerians. He highlighted the importance of the retreat’s theme, “Actualising the Renewed Hope Agenda for Housing and Urban Development: Examining Strategies, Identifying Opportunities to Boost Scale and Impact,” stating that housing and urban development are critical to economic growth and social stability.
He further stressed that achieving large-scale housing impact requires innovative strategies that unlock affordable housing opportunities, encourage private sector participation, and strengthen institutional frameworks. The Senate Committee, he noted, remains committed to supporting policy reforms and legislative frameworks that will enhance efficiency in the housing sector.
Tambuwal assured that the National Assembly would continue collaborating with the ministry, its agencies, and relevant stakeholders to align efforts with President Bola Tinubu’s Renewed Hope Agenda. A major aspect of this initiative, he added, is securing funding for priority housing projects to enable the ministry to execute its mandate effectively.
He also mentioned ongoing efforts to reinstate the Federal Housing Authority (FHA) in the federal budget, which would enable it to replicate past successful housing projects such as FESTAC Town and Gwarimpa Estate. He urged retreat participants to identify necessary legislative amendments that could further strengthen the housing sector.
The Senate Committee on Lands, Housing, and Urban Development, he assured, would work swiftly on any required legislative changes to ensure prompt enactment. He reiterated the committee’s support for federal agencies and stakeholders in the housing sector to improve efficiency and housing delivery.
In a goodwill message, Mr. Abiante Awaji, Chairman of the House Committee on Regional Planning and Urban Development, emphasized the need for increased research into local building material alternatives to reduce dependency on expensive foreign materials and make housing more affordable.
Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, acknowledged the National Assembly’s critical role in supporting the ministry, citing their intervention in increasing the ministry’s budget allocation by N50 billion after an initial reduction in 2024.
Dangiwa stated that the additional funding facilitated job creation and economic empowerment. He further revealed that the ministry had requested an additional N360 billion to extend the Renewed Hope Estates to 18 more states, expand urban renewal programs across 100 new sites, and settle outstanding financial commitments.
The recapitalisation of the FMBN, along with these strategic interventions, is expected to accelerate the availability of affordable housing and drive significant improvements in Nigeria’s housing sector.
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