FG's MREIF Allocates N128bn for Mortgage Financing

The Federal Government, through the Mortgage Refinancing and Investment Fund (MREIF), has announced the provision of N128 billion in mortgage financing to 1,859 families across 25 states in Nigeria. This initiative aims to expand access to home ownership nationwide.

The financing includes a 20-year repayment period with a fixed interest rate of 9.75% per annum and a minimum equity contribution of 10%. President Bola Tinubu noted that limited access to affordable long-term mortgage financing has been a significant barrier to home ownership in the country.

The MREIF has also disbursed funds to unlock a total property value of N221 billion, supporting the delivery of 475 housing units. The fund is part of a broader N1 trillion housing finance platform designed to mobilize long-term capital for mortgage lending.

The initiative is expected to attract institutional investors and deepen access to affordable housing finance across Nigeria.