Tambuwal seeks review of housing agencies, better funding for FMBN
Aminu Tambuwal, the chairman of the Senate Committee on Land, Housing and Urban Development, has called for better funding for the Federal Mortgage Bank of Nigeria (FMBN) and a review of government housing policies.
Mr Tambuwal made the call on Wednesday at the FMBN Day held during the 2026 Africa International Housing Show (AIHS) Legacy Edition in Abuja. He stated that inconsistent policies and inadequate funding had undermined the FMBN and other key housing institutions.
He said successive governments had weakened the housing finance system by creating agencies with overlapping mandates instead of strengthening existing institutions such as the FMBN and the Federal Housing Authority (FHA).
Mr Tambuwal questioned the rationale behind establishing additional housing intervention platforms while existing institutions remained underfunded and said that the government should channel available resources into strengthening the FMBN and the FHA rather than duplicating functions.
According to him, the FHA has not received budgetary allocations for years due to a policy, which has made it difficult for the agency to perform effectively.
He also disclosed that key shareholders, including the Federal Ministry of Finance Incorporated (MOFI) and the Central Bank of Nigeria (CBN), had yet to fully meet their capital contribution obligations to the Federal Mortgage Bank of Nigeria.
Mr Tambuwal appealed to President Bola Tinubu to review the government’s position on MOFI-backed housing initiatives and ensure that available resources are shared to strengthen existing institutions, particularly the FMBN.
The lawmaker also pledged the Senate committee’s readiness to fast-track the proposed Federal Capital Territory Mortgage Bill before the end of the current National Assembly.
(NAN)
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