The federal government has officially increased the mortgage loan limit to ₦85 million, aiming to improve housing finance accessibility and refine real estate market regulations. Dr. Muttaqha Rabe Darma, the Minister of Housing and Urban Development, announced this shift during the BusinessDay Real Estate Conference 2026 in Abuja. This policy adjustment is designed to help the Federal Mortgage Bank of Nigeria (FMBN) facilitate at least 2,000 mortgages every year and allows National Housing Fund (NHF) participants to use 25 percent of their retirement savings for home equity.
To mitigate the growing strain of rental costs, the ministry is introducing plans for a national rent database, the formal registration of major property owners, and the implementation of a model tenancy law. Furthermore, Dr. Darma highlighted ongoing efforts like the Land4Growth initiative and the digitization of land records. Data indicates that Nigeria currently faces a shortfall of 15 million housing units.
To combat widespread fraud by unlicensed developers, the government is establishing the National Housing and Built Environment Regulation Policy (NHBERP). This initiative mandates developer licensing and requires that buyer funds be held in protected escrow accounts. The minister emphasized that these reforms, along with the Renewed Hope Social Housing Program, are essential steps toward protecting citizens’ investments and aligning the local market with global standards.
