Tinubu Praises MREIF for N128bn Affordable Mortgages

On Tuesday, President Bola Tinubu commended the Mortgage Refinancing and Real Estate Investment Fund (MREIF) for delivering N128 billion in affordable mortgages to 1,859 Nigerian families across 25 states. This initiative is part of Tinubu's Renew Hope Agenda, aimed at improving access to home ownership.

The beneficiaries, spread across six geopolitical zones, can access mortgages with a 20-year fixed interest rate of 9.75% and a minimum equity contribution of 10%. Tinubu highlighted that the absence of affordable long-term mortgage financing has been a significant barrier to home ownership in Nigeria, where many families struggle to build assets.

MREIF has already unlocked N221 billion in total property value, supporting the delivery of 475 housing units. The fund is designed to mobilize long-term capital for mortgage lending and is expected to deepen participation from institutional investors, expanding access to affordable housing finance across the country.