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#PersonalFinance

  1. 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.
  2. 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.
  3. 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.
Gist Reel

Money · 4 min read

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…

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  1. The MPR is the CBN's main signal for the cost of money across the economy
  2. Analysts expect Treasury bill and other fixed-income yields to ease
  3. Loan rates may be slow to fall; manufacturers say they are still near 30%
Gist Reel

Money · 3 min read

The CBN rate cut and your money: what changes for loans and savings

The policy rate is now 23%. Here is what that could mean for your bank loan, fixed deposit, Treasury bills and investments in the months ahead.

When the Central Bank of Nigeria cut its Monetary Policy Rate (MPR) from 26.5% to 23% on 22 September, it made the headlines. But what does a central bank rate have to do with the money in your pocket? Here is a plain guide. What the MPR actually is The MPR is the CBN’s benchmark rate. Around it sits a…

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