Tinubu Lauds MREIF for ₦128b Mortgages to Families

President Bola Tinubu praised the Mortgage Refinancing and Investment Fund (MREIF) for providing ₦128 billion in mortgages to 1,859 Nigerian families across 25 states, as part of his administration's Renewed Hope Agenda. The beneficiaries, who are spread across various geopolitical zones, have access to 20-year fixed interest rate mortgages at 9.75% per annum, with a minimum equity contribution of 10%.

This initiative aims to overcome the significant barrier of affordable long-term mortgage financing, which has hindered home ownership in Nigeria for nearly six decades. Tinubu noted that many Nigerians can afford monthly rent but lack access to the necessary financing to purchase homes.

The MREIF has already unlocked a total property value of ₦221 billion, supporting the delivery of 475 housing units. The fund is expected to mobilize further capital to increase mortgage lending and deepen participation from institutional investors, thereby expanding access to affordable housing finance across the country.