By Luminous Jannamike

ABUJA – Former President of the Real Estate Developers Association of Nigeria, Alhaji Aliyu Oroji Wamakko, has urged the Nigerian government to prioritise funding for the Federal Mortgage Bank of Nigeria (FMBN) to address the country’s housing crisis.

With a deficit exceeding 37 million units, Wamakko described the current allocation of N150 billion to the Ministry of Finance Incorporated’s real estate investment fund as a misallocation, especially given that the FMBN operates with a mere N2.5 billion capital base.

In a statement on Tuesday, Wamakko expressed concerns about the FMBN’s reliance on inadequate 2.5% contributions from the National Housing Fund (NHF). This model fails to meet the bank’s operational needs, which include maintaining offices and delivering affordable housing and mortgages.

Wamakko highlighted that over 4.3 million Nigerians have contributed to the NHF for 30 years, yet the bank lacks the capital to fulfil its mandate. He called on the government to either direct funds to the Federal Ministry of Housing, which has made progress under the current minister, or inject capital into the FMBN to meet housing demands.

The Renewed Hope Housing Initiative aims to deliver 500,000 housing units annually, a target Wamakko believes can be reached with sufficient financial backing. He questioned the decision to have the Minister of Finance oversee housing provision when a dedicated Minister of Housing and the FMBN exist, both better suited for the role.

Wamakko noted that Nigeria’s challenges, including insurgency and urban-rural migration, intensify the housing crisis, necessitating a focused, well-funded response. He urged the government to redirect resources to the appropriate authorities to translate the Renewed Hope Agenda into tangible results, framing the housing deficit as a national emergency requiring immediate action.

He stated, “I commend the ongoing discourse regarding the Federal Government’s efforts to address Nigeria’s housing deficit, as highlighted during the recent Senate retreat in Lagos.

“However, I am deeply concerned about the allocation of N150 billion to the Ministry of Finance Incorporated (MOFI) real estate investment fund while critical institutions like the FMBN remain underfunded.

“The FMBN currently operates on a capital base of just N2.5 billion—woefully inadequate for an institution tasked with providing mortgages in a country with a housing deficit exceeding 37 million units.

“Over 4.3 million Nigerians have contributed to the NHF for 30 years, yearning for homes, yet the bank lacks the capital to deliver on this mandate.

“If the Federal Government is advancing its Renewed Hope Housing Initiative, it must prioritise the recapitalisation of the FMBN.

“Without significant funding, optimal performance from the FMBN will remain a distant dream.

“The current Minister of Housing, who previously served as Managing Director of the FMBN, has shown remarkable leadership, driving initiatives that have led to the construction of 10,112 housing units across 14 active sites within 19 months.

“The housing deficit is a national emergency, and with proper funding, we can turn the tide. The will is there, the expertise is available—now, the funds must follow.”