1,859 families access N128b mortgages as President Tinubu pushes affordable housing drive | Prestige Real Estate News
President Bola Tinubu, yesterday, said 1,859 families in 25 states have accessed mortgages valued at N128 billion through the MOFI Real Estate Investment Fund (MREIF), in what he described as a major step towards making home ownership affordable and accessible to Nigerians.
This was as the Federal Government said Nigeria’s democratic journey has continued to yield positive results despite lingering economic and security challenges.
Tinubu said the beneficiaries secured the mortgages at a fixed interest rate of 9.75 per cent, repayable over 20 years, terms he noted had remained out of reach for millions of Nigerians shut out of conventional housing finance.
The President disclosed this in a statement posted on his verified X handle, @officialABAT, while providing an update on the housing component of his administration’s Renewed Hope Agenda.
He said the administration’s housing initiative was conceived as a nationwide intervention to deliver 100,000 homes, beginning with 50,000 units in the first phase.
According to him, the first phase comprises housing cities of 1,000 units in each of the six geopolitical zones and the Federal Capital Territory (FCT), alongside estates of up to 500 units in the remaining 30 states.
The President said implementation was already gaining momentum, with construction progressing on more than 3,000 homes in Karsana, Abuja, while the 2,000-unit Renewed Hope City in Ibeju-Lekki, Lagos, had reached an advanced stage, with sales already underway.
“More than 15,000 housing units are under construction across the country,” he stated.
Tinubu said, beyond physical construction, his administration was addressing longstanding structural bottlenecks that have constrained housing delivery, including challenges related to land titling, access to construction equipment, and the high cost of building materials.
The President added that reforms had also been introduced to strengthen the legal framework for equipment leasing, providing contractors and financiers with greater certainty and improving access to construction machinery.
Tinubu further revealed that the Family Homes Funds initiative was expanding access to housing for widows and other vulnerable Nigerians under a mandate to deliver 500,000 homes and generate up to 1.5 million jobs.
Speaking in Abuja at a briefing to commemorate 2026 Democracy Day and 27 years of the country’s uninterrupted democratic governance, the government insisted that ongoing reforms under Tinubu are gradually repositioning the country for sustainable growth and development.
Secretary to the Government of the Federation (SGF), Senator George Akume, who led the team, said the administration remained committed to delivering on its Renewed Hope Agenda through reforms aimed at strengthening the economy, improving social welfare, enhancing security and expanding opportunities for citizens.
According to him, Democracy Day serves not only as a remembrance of the sacrifices that secured democratic rule but also as an opportunity for the government to account for its stewardship.
“June 12 is not merely a date on our calendar; it is a reminder that democracy carries both memory and mandate. It is memory because we honour the sacrifice that secured the people’s voice, and it is mandate because every democratic government must justify public trust through tangible improvement in the lives of citizens,” he said.
Congratulating Nigerians on achieving 27 consecutive years of democratic governance, Akume described the feat as one of the longest stretches of democratic governance on the African continent.
Although he acknowledged that many Nigerians were still grappling with the effects of inflation and insecurity, he maintained that the administration’s reforms were beginning to produce measurable results.
-TheGuardian
