The Federal Government has handed over completed housing units to beneficiaries under its Rent-to-Own Scheme in Abuja, reaffirming its commitment to expanding affordable homeownership and reducing Nigeria’s housing deficit through innovative housing finance initiatives. The homes were developed by Brains & Hammers Limited with funding from the Federal Mortgage Bank of Nigeria (FMBN) under the Renewed Hope Housing Programme.
Speaking during the symbolic presentation of keys, the Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, said the initiative reflects President Bola Tinubu’s commitment to making decent and affordable housing accessible to more Nigerians. He described homeownership as a central pillar of the administration’s Renewed Hope Agenda and pledged that all approved beneficiaries under the Rent-to-Own Scheme would receive the keys to their homes before the end of the year.
The minister noted that the scheme provides an affordable pathway to homeownership, particularly for low- and middle-income earners who may not be able to afford the large upfront payments required to purchase homes outright. He added that the programme is designed to ease the burden of rising rents in major cities such as Abuja and Lagos while improving the welfare and living standards of Nigerians.
Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, explained that the delivery of the housing units, known as Bungalow City, experienced initial allocation challenges after part of the estate was assigned to security agencies. He said the bank established a joint technical committee with Brains & Hammers Limited to resolve the issues, ensuring that every profiled beneficiary received a home.
Osidi reaffirmed FMBN’s commitment to supporting the Federal Government’s affordable housing agenda through accessible mortgage financing and strategic partnerships with private developers. He said the bank would continue to expand opportunities for Nigerians to own homes through flexible financing models capable of addressing the country’s housing deficit.
Speaking on behalf of the beneficiaries, Sanusi Seidu Dantsoho expressed appreciation to the Federal Government and FMBN for providing many Nigerians with the opportunity to become homeowners. He pledged that residents would work together to maintain a peaceful, orderly, and well-managed estate while encouraging the government to sustain similar affordable housing programmes across the country.
