The Federal Mortgage Bank of Nigeria (FMBN) has showcased a portfolio of key housing projects being funded in the Federal Capital Territory (FCT), as the newly appointed Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma commenced official duties with an inspection tour of ongoing developments funded by the Bank.

The inspection tour, which signals the Federal Government’s renewed push to accelerate housing delivery, took place on Thursday, April 30, 2026 and featured visits to major estates funded and supported by FMBN as part of efforts to bridge Nigeria’s housing deficit.

The Minister, accompanied by the Minister of State for Housing and Urban Development, Hon. Yusuf Ata, the Permanent Secretary of the Ministry, Dr. Shuaib Muhammad Belgore, the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, as well as FMBN's Executive Directors, Dr. Muhammad Sani Abdu (Loans and Mortgage Services) and Mr. Ibidapo Odojukan (Finance and Corporate Services), alongside other senior staff of the Ministry and FMBN, began the tour at Bungalow City, Jibi, Abuja where FMBN is financing the construction of 1550 housing units. 

The team also visited the Renewed Hope Cities Project in Karsana, a Public-Private Partnership initiative spearheaded by the Ministry of Housing and Urban Development. 

As part of its ongoing interventions in housing delivery, FMBN is funding 676 housing units within the Karsana development, in addition to providing a N100 Billion Off-taker Guarantee. 

Explaining the scope of the project, the Minister noted that FMBN's 676 units form part of an initial 3,112 homes for which President Bola Ahmed Tinubu already performed the groundbreaking. 

He however, noted that due to adjustments to accommodate infrastructure such as roads and other essential facilities, the number of units was revised to 2,744 with delivery expected by the end of 2026.

Emphasising the significance of the visit, Engr. Darma noted that the inspection was aimed at assessing the level of work on ongoing projects and reinforcing the Federal Government’s commitment to delivering affordable housing to Nigerians.

He also underscored the value of the projects, noting their strong potential to expand access to affordable housing and significantly reduce the country’s housing shortfall.

He affirmed his commitment to supporting all stakeholders towards the actualization of the  Tinubu-led administration's Renewed Hope Agenda for housing.

Speaking on the progress of the projects, FMBN Managing Director/Chief Executive, Shehu Usman Osidi, urged developers to accelerate construction timelines to enable beneficiaries to take possession of completed homes.

He emphasized the need for a phased completion approach, where finished units are delivered incrementally, rather than waiting for the entire project to be completed at once.

Osidi further disclosed that the housing units are structured under a cross-subsidy model designed to enhance affordability for low- and middle-income Nigerians. He added that the homes are priced at ₦50 Million and below, in line with the Bank’s National Housing Fund (NHF) mortgage threshold.

 Jadesola Gbago (Ms.)

 Group Head, Corporate Communications