The Federal Government has unveiled plans to expand access to homeownership by increasing mortgage delivery to 5,000 annually by 2028 and raising the maximum mortgage loan from N50 million to N85 million.

Minister of Housing and Urban Development, Muttaqha Rabe Darma, announced the proposed reforms at the 15th Meeting of the National Council on Lands, Housing and Urban Development in Sokoto, where he met with state commissioners responsible for housing and other sector stakeholders.

Under the plan, the government is targeting 2,000 mortgage disbursements in the current year before progressively increasing the figure to 5,000 by 2028. The proposed increase in the loan ceiling is also expected to expand the financing options available to Nigerians seeking to own homes.

Darma said the Federal Government was directing the Federal Mortgage Bank of Nigeria (FMBN) to ensure that at least 70 per cent of the previous year's National Housing Fund (NHF) contributions were channelled into mortgage disbursements annually.

The policy is intended to address concerns over the gap between the money workers contribute to the housing fund and the actual mortgage financing available to them.

A significant aspect of the proposed reforms is the plan to reserve between 30 and 40 per cent of mortgage bookings for workers in the informal sector. Many of these workers, including traders and self-employed Nigerians, have struggled to obtain conventional home loans because their earnings may be irregular or difficult to document.

The minister said the government was also planning to establish a National Housing Finance Authority to strengthen regulation, improve accountability and coordinate activities within the country's housing finance system.

Another initiative highlighted by Darma was the recently launched Diaspora Mortgage Programme, which is designed to enable Nigerians living abroad to invest in property and secure homeownership in their home country.

He stressed that addressing Nigeria's housing deficit required more than constructing residential buildings, arguing that a functional mortgage system was essential to help citizens finance and purchase available homes.

Darma pointed to Rwanda's experience in expanding mortgage access through institutional reforms and mortgage refinancing mechanisms, saying Nigeria could learn from countries that had taken deliberate steps to improve housing finance.

He reaffirmed the government's commitment to making mortgages more accessible, particularly to low- and middle-income earners, while urging financial institutions, government agencies and other stakeholders to support the proposed changes.

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However, he emphasised that transparency, accountability and effective implementation would determine whether the reforms achieved their intended objectives.

In his address, Sokoto State Governor Ahmad Aliyu said housing should be viewed as more than a basic need, describing it as an important foundation for human dignity, personal security, family stability and a better future.

He highlighted the state's ongoing housing projects, including the 500-unit Sokoto New City Housing Project and an initiative to provide shelter for internally displaced persons in partnership with the United Nations.

The projects, he said, were aimed at improving access to affordable accommodation for low-income households and vulnerable residents.

Meanwhile, the Chairman of the House of Representatives Committee on Urban Development and Regional Planning, Awaji-Inombek Abiante, called for additional policy measures to make housing more affordable and accessible across the country.

His recommendations included single-digit interest rates on housing loans, a review of property prices, more transparent land registration procedures and stronger development control measures.

He also advocated the introduction of a National Housing Identification Number and greater use of locally sourced building materials to reduce construction costs.

The meeting brought together the housing minister, the minister of state, commissioners from the 36 states and heads of housing agencies to consider and approve recommendations arising from deliberations among permanent secretaries.

Resolutions adopted at the meeting are expected to guide implementation by government institutions and other stakeholders in the built environment, with the stated objective of accelerating housing delivery and widening access to affordable homes nationwide.