Tinubu hails MREIF after ₦128bn mortgages reach 1,859 Nigerian families

President Bola Tinubu has hailed the impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), following the delivery of ₦128 billion in affordable mortgages to 1,859 Nigerian families across 25 states.

According to the President, the beneficiaries, drawn from all six geopolitical zones, accessed mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum and a minimum equity contribution of 10 per cent.

President Bola Tinubu, in a statement issued on Tuesday by his spokesman, Bayo Onanuga, said the programme was helping to address one of the biggest barriers to home ownership in Nigeria — the lack of affordable long-term mortgage financing.

“One of the biggest barriers to home ownership in Nigeria has been the absence of affordable long-term mortgage financing,” the President said.

“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home. That reality kept countless families out of home ownership and limited their ability to build lasting assets.”

He added that the results achieved by the fund demonstrated the potential of coordinated policy implementation.

“The progress recorded by MREIF shows that with the right policies, strong institutions and effective partnerships, we can expand access to home ownership and create opportunities for more Nigerians to build wealth through asset ownership,” Tinubu said.

The President disclosed that the mortgages delivered so far had unlocked ₦221 billion in total property value and supported the delivery of 475 housing units through offtake guarantee projects.

He noted that the average age of mortgage beneficiaries is 42 years, indicating strong demand among working Nigerians for affordable long-term housing finance.