President Bola Tinubu announced on Tuesday that 1,859 families across 25 states have accessed mortgages valued at N128 billion through the MOFI Real Estate Investment Fund (MREIF). He described this as a major step toward making home ownership affordable and accessible to Nigerians.
Mortgage terms and housing targets
The beneficiaries secured mortgages at a fixed interest rate of 9.75 percent, repayable over 20 years. Tinubu noted that such terms had previously been out of reach for millions of Nigerians excluded from conventional housing finance. The President disclosed this in a statement on his verified X handle, @officialABAT, while updating the housing component of his administration's Renewed Hope Agenda.
The housing initiative aims to deliver 100,000 homes nationwide, starting with 50,000 units in the first phase. This phase includes housing cities of 1,000 units in each of the six geopolitical zones and the Federal Capital Territory (FCT), as well as estates of up to 500 units in the remaining 30 states.
Construction progress
Tinubu said implementation is gaining momentum, with construction progressing on more than 3,000 homes in Karsana, Abuja. The 2,000-unit Renewed Hope City in Ibeju-Lekki, Lagos, has reached an advanced stage, with sales already underway. More than 15,000 housing units are under construction across the country.
Beyond physical construction, the administration is addressing structural bottlenecks such as land titling, access to construction equipment, and high building material costs. Reforms have been introduced to strengthen the legal framework for equipment leasing, providing contractors and financiers with greater certainty and improving access to machinery.
Family Homes Funds and vulnerable groups
Tinubu revealed that the Family Homes Funds initiative is expanding access to housing for widows and other vulnerable Nigerians, with a mandate to deliver 500,000 homes and generate up to 1.5 million jobs.
Democracy Day briefing
Speaking at a briefing in Abuja to commemorate 2026 Democracy Day and 27 years of uninterrupted democratic governance, the Federal Government insisted that ongoing reforms are gradually repositioning the country for sustainable growth. Secretary to the Government of the Federation, Senator George Akume, said the administration remains committed to the Renewed Hope Agenda through reforms aimed at strengthening the economy, improving social welfare, enhancing security, and expanding opportunities.
Akume noted that Democracy Day serves as both a remembrance of sacrifices that secured democratic rule and an opportunity for the government to account for its stewardship. He stated, "June 12 is not merely a date on our calendar; it is a reminder that democracy carries both memory and mandate."
Congratulating Nigerians on 27 consecutive years of democratic governance, Akume described this as one of the longest stretches of democracy on the African continent. While acknowledging that many citizens still grapple with inflation and insecurity, he maintained that the administration's reforms are beginning to produce measurable results.
