Tinubu praises MOFI for providing affordable mortgages to families
President Bola Tinubu has applauded the Ministry of Finance Incorporated Real Estate Investment Fund for delivering N128bn in affordable mortgages to 1,859 families across 25 states. He highlighted this as evidence that effective policies can make home ownership accessible to more Nigerians. The mortgages offer up to 20-year terms at a fixed interest rate of 9.75% per annum, with a minimum equity contribution of 10%. Tinubu emphasized that such terms were unavailable in Nigeria for nearly six decades.
What we know
- Bola Tinubu commended the Ministry of Finance Incorporated Real Estate Investment Fund for its achievement in affordable housing.
- 1,859 families across all six geopolitical zones accessed mortgages totaling N128bn.
- The average beneficiary is 42 years old, indicating strong demand among working-age Nigerians.
- The MREIF has unlocked N221bn in total property value and supported 475 housing units through off-take guarantee arrangements.
- MREIF operates alongside other housing initiatives as part of the administration's broader housing transformation agenda.
