Alhaji Aliyu Oroji Wamakko, the former President of the Real Estate Developers Association of Nigeria, has urged the Nigerian government to prioritize funding for the Federal Mortgage Bank of Nigeria (FMBN) in order to effectively address the nation’s housing crisis.
With a staggering deficit of over 37 million housing units, Wamakko criticized the current allocation of N150 billion to the Ministry of Finance Incorporated’s real estate investment fund, labeling it a misallocation, particularly in light of the FMBN’s limited capital base of just N2.5 billion.
In a statement released on Tuesday, Wamakko raised concerns about the FMBN’s dependence on insufficient 2.5% contributions from the National Housing Fund (NHF). He argued that this funding model does not adequately support the bank’s operational requirements, which include maintaining offices and providing affordable housing and mortgage options.
Wamakko pointed out that more than 4.3 million Nigerians have contributed to the NHF over the past 30 years, yet the bank still lacks the necessary capital to meet its obligations.
“If the Federal Government is committed to its Renewed Hope Housing Initiative, it must prioritize the recapitalization of the FMBN.
“Without substantial funding, achieving optimal performance from the FMBN will remain an elusive goal.
“The current Minister of Housing, who previously held the position of Managing Director at the FMBN, has demonstrated exceptional leadership by spearheading initiatives that have resulted in the construction of 10,112 housing units across 14 active sites in just 19 months.
“The housing deficit is a national crisis, and with adequate funding, we can make significant progress. The determination is present, the expertise is available—now, we need the financial resources to support our efforts.”
