A new housing estate is set to rise in Ibusa, Oshimili North Local Government Area, following the allocation of 10.1 hectares of land by the Delta State Government to the Federal Mortgage Bank of Nigeria (FMBN).
During a ceremony in Asaba on Tuesday, Governor Sheriff Oborevwori presented the Certificate of Occupancy to FMBN’s management. He explained that the initiative, undertaken in partnership with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), is aimed at expanding access to affordable homes for workers.
To ease implementation, Oborevwori revealed that his administration waived statutory charges worth more than ₦200 million. According to him, the gesture was designed to lower costs and benefit junior and mid-level workers who spend much of their salaries on rent. He urged FMBN to deliver the project swiftly, describing it as a vital step in improving employee welfare.
Appreciation was also extended to President Bola Tinubu, with the governor acknowledging the administration’s encouragement of state federal partnerships on housing development across Nigeria.
Housing Deficit Remains a National Challenge
Across the country, the demand for homes continues to outstrip supply. Data from the Federal Ministry of Housing and Urban Development shows that at least 550,000 housing units are required every year an investment of about ₦5.5 trillion annually for the next decade to close the gap.
Budgetary allocations to the sector remain well below this figure, leaving the Federal Mortgage Bank of Nigeria struggling to match its mandate. The bank’s capital base of ₦2.5 billion has remained unchanged for decades, restricting its capacity to mobilise large-scale financing.
In response, the Federal Government has directed FMBN to deepen collaborations with state governments under the Renewed Hope Housing Campaign. The Delta State project is one such partnership, alongside other developments like the Renewed Hope Estates and Cities Program now springing up in parts of the country.
For many workers in Delta, the Ibusa housing scheme is more than a policy announcement it represents a long-awaited opportunity to transition from costly rent to affordable homeownership.
