President Bola Ahmed Tinubu has revealed that 1,859 families across 25 states have secured mortgages valued at N128 billion through the MOFI Real Estate Investment Fund (MREIF), as part of efforts to expand access to affordable home ownership.
Tinubu said the mortgages were offered at a fixed interest rate of 9.75 per cent, repayable over 20 years, describing the arrangement as a major breakthrough for many Nigerians previously unable to access affordable housing finance.
The President disclosed this on Tuesday in a statement posted on his verified X handle, @officialABAT, while highlighting achievements recorded under the housing component of the Renewed Hope Agenda.
According to him, the administration’s housing programme is designed on a national scale, with a target of delivering 100,000 housing units nationwide. He explained that the first phase involves the construction of 50,000 homes through housing cities comprising 1,000 units in each geopolitical zone and the Federal Capital Territory (FCT), alongside estates of up to 500 units in the remaining 30 states.
The President said significant progress had already been recorded, noting that construction had commenced on more than 3,000 homes at Karsana in Abuja, while the 2,000-unit Renewed Hope City in Ibeju-Lekki, Lagos, had reached an advanced stage of completion, with sales already underway.
He added that more than 15,000 housing units were currently under construction across the country.
Tinubu said his administration had also focused on addressing structural challenges in the housing sector, including land titling, access to equipment and the cost of building materials.
He explained that the government was working with the World Bank to improve land registration and transform land assets into usable capital, with the objective of increasing the proportion of formally registered plots from less than 10 per cent to about 50 per cent nationwide.
The President further stated that the framework governing equipment leasing had been strengthened to provide contractors and financiers with greater legal certainty and improve access to construction machinery.
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He said the government had also introduced transparent pricing for homes under the programme and established building materials hubs across the six geopolitical zones to encourage local production and reduce construction costs.
On support for low-income Nigerians, Tinubu said the Family Homes Funds initiative was providing housing opportunities for widows and other vulnerable groups under a mandate to deliver 500,000 homes and create up to 1.5 million jobs.
While acknowledging that Nigeria’s housing deficit remained significant, the President said the sector was witnessing renewed momentum, with improvements being recorded across land administration, housing construction, financing, equipment access and building materials supply.
He argued that housing had evolved from being merely a social welfare issue to becoming a key driver of economic growth, noting that real estate and construction now rank among the country’s major contributors to Gross Domestic Product.
“Housing has moved from a welfare conversation to a national growth strategy,” Tinubu said, adding that every affordable home financed generated economic activity through construction jobs, factory orders, mortgage assets and increased household wealth.
The President maintained that the Renewed Hope housing programme was aimed at ensuring that more Nigerians have access to decent and affordable homes, stressing that home ownership should be regarded as a right rather than a privilege.
