Tinubu Commends N128bn Mortgages for 1,859 Families

On Tuesday, President Bola Tinubu praised the Ministry of Finance for successfully delivering N128 billion in affordable mortgages to 1,859 families across 25 states in Nigeria. This initiative is part of a broader strategy to enhance home ownership opportunities for Nigerians, particularly those locked out of the housing market for decades.

The mortgages feature a 20-year fixed interest rate of 9.75% per annum, requiring a minimum equity contribution of 10%. Tinubu noted that this achievement demonstrates the effectiveness of the right policy framework and aims to create wealth through asset ownership.

The beneficiaries, averaging 42 years old, reflect a strong demand for long-term housing finance, which has been historically limited. The Mortgage Refinancing and Investment Fund (MREIF), with a total property value support of N221 billion, operates alongside the Renewed Hope City Estate Program and the Family Home Fund, complementing the administration's housing transformation agenda.