Civil servants to get rent assistance as FMBN plans non-interest mortgages

Federal civil servants will benefit from rent assistance as the Federal Mortgage Bank of Nigeria (FMBN) plans to introduce new housing finance products before the end of October 2026.

The bank’s Managing Director and Chief Executive, Shehu Usman Osidi, announced the plans on Monday, October 19, during the joint commemoration of World Habitat Day and World Cities Day in Abuja.

The planned products include rent assistance to ease rental payment pressures on federal civil servants and non-interest mortgage financing to expand access to affordable homeownership.

“From the Rent-to-Own Scheme to Home Renovation Loans, from the NHF Diaspora Mortgage Loan to our Non-Interest Mortgage Financing initiatives, the objective remains the same: to broaden the pathways through which Nigerians can access decent and affordable housing,” Osidi said.

He disclosed that FMBN financed 6,911 affordable housing units in 2025, achieving 96 per cent of its target of 7,200 homes.

The bank also approved more than ₦208 billion in housing and mortgage loans, with over ₦120 billion disbursed to support housing construction, home purchases, renovations and other housing initiatives.

The Minister of Housing and Urban Development, Muttaqha Rabe Darma, represented by his Chief of Staff, Dr Abba Yakubu, identified high interest rates, limited long-term funding and strict eligibility requirements as major barriers to homeownership, while disclosing that more than 240 urban renewal and slum-upgrading projects had been completed nationwide.