President Bola Ahmed Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for advancing affordable housing finance, following the disbursement of N128 billion in mortgages to 1,859 Nigerian families across 25 states under the Renewed Hope Agenda.
Key Details of the Mortgage Programme
The President stated that this achievement represents a major step in addressing Nigeria's persistent housing challenge: the lack of affordable long-term mortgage financing that has prevented millions from owning homes for decades.
Beneficiaries from all six geopolitical zones have accessed mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75% per annum and a minimum equity contribution of 10%.
Complementing Other Housing Initiatives
According to Tinubu, the Fund complements the Renewed Hope Cities and Estates Programme, as well as financing interventions and social housing initiatives by Family Homes Funds Limited.
Tinubu emphasized that while housing construction is vital, affordable mortgage financing is essential to converting completed units into actual homeownership, bridging the gap between supply and access.
