- Housing Minister Muttaqha Rabe Darma said on 15 October 2026 that the Federal Government is proposing to raise the maximum mortgage loan from ₦50 million to ₦85 million.
- The government is targeting 2,000 mortgages in 2026 and 5,000 by 2028, with 30% to 40% of mortgage bookings for informal-sector workers.
- A GistMatrix calculation shows an ₦85 million loan at 6% over 30 years would cost about ₦509,600 a month, more than seven times the ₦70,000 minimum wage.
FG plans to raise maximum mortgage loan to ₦85m: what it means for you
The Housing Minister says the FG wants to lift the mortgage ceiling from ₦50m to ₦85m and reach 5,000 mortgages by 2028. Here is what it would cost each month.
The Federal Government is proposing to raise the maximum mortgage loan from ₦50 million to ₦85 million, the Minister of Housing and Urban Development, Muttaqha Rabe Darma, said on Thursday, 15 October 2026. He spoke at the 15th meeting of the National Council on Lands, Housing and Urban Development in Sokoto, Tribune Online and the Voice of Nigeria reported. He…