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The Federal Mortgage Bank of Nigeria (FMBN) has launched a dedicated Diaspora Mortgage Loan programme offering Nigerians living abroad access to up to N100 million in home financing at a 9% interest rate. The initiative is designed to provide a formal and secure pathway for Nigerians in the diaspora to purchase, build or finance residential property in Nigeria.
FMBN Launches Diaspora Mortgage Offering Up to N100m at 9% Interest
The Federal Mortgage Bank of Nigeria (FMBN) has launched its National Housing Fund (NHF) Diaspora Mortgage Loan, creating a formal financing channel for Nigerians living abroad to purchase homes and invest in Nigeria’s housing market.
Two-Bedroom Rent on Lagos Island Rises to N17.25m as Housing Costs Surge
The average annual rent for a two-bedroom apartment across major Lagos Island residential markets has risen sharply between 2022 and 2026, with Ikoyi recording the highest average at N17.25 million, according to the Lagos Island Residential Market Report 2026.
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Lagos Overtakes Oil States as Top FAAC Earner with N365.78bn
Lagos State received N365.78 billion in net allocations from the Federation Account in the first half of 2026, making it the highest recipient among Nigeria’s 36 states and overtaking major oil-producing states, according to an analysis of Federation Account Allocation Committee (FAAC) data.
Nigeria’s Debt Hits N159.3tn as Government Borrows N14.6tn in One Year
Nigeria’s total public debt rose to about N159.3 trillion, with government borrowing increasing by N14.6 trillion over a one-year period, highlighting continued pressure on the country’s fiscal position. The latest figures have renewed attention on debt sustainability, borrowing costs and the government’s capacity to finance infrastructure without placing additional pressure on public finances.
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FG Deploys 40 Guards to Protect Lagos-Calabar Coastal Highway from Vandals
The Federal Government has deployed 40 Coastal Highway Guards to protect the Lagos-Calabar Coastal Highway from vandalism, illegal occupation, hawking and other activities that could undermine the major infrastructure project. Minister of Works David Umahi launched the guards on Sunday, August 9, 2026. The team will maintain a presence along the highway, monitor the corridor and report suspicious activities while working with security agencies in Lagos State..
NRS Chairman Says Poverty Could Have Doubled Without Tinubu’s Reforms
Nigeria Revenue Service (NRS) Chairman Zacch Adedeji says the number of Nigerians falling into poverty could have been significantly higher without the economic reforms implemented by President Bola Tinubu’s administration. Adedeji made the claim during an interview on Channels Television on Sunday, arguing that the reforms should be assessed against the economic conditions the administration inherited rather than current hardship alone.
Quote of the day:
“Progress begins the moment systems replace shortcuts, and accountability becomes the standard.”
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