President Bola Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering N128 billion in affordable mortgage financing to 1,859 families across 25 states of the federation.
Tinubu described the development as evidence that effective policy implementation can significantly expand access to home ownership for Nigerians who have long been excluded from the housing market.
In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said beneficiaries were drawn from all six geopolitical zones of the country.
According to the statement, the mortgage scheme offers loans with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, with a minimum equity contribution of 10 per cent.
The President noted that such favourable terms had been largely unavailable in Nigeria for nearly six decades, making the initiative a significant milestone in the country’s housing finance sector.
“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” Tinubu said.
“That reality kept countless families out of home ownership and limited their ability to build lasting assets.”
He added that the success of the MREIF demonstrated the impact of strong policy frameworks and institutional partnerships in expanding access to affordable housing.
“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,” he stated.
Beyond mortgage disbursements, the initiative has reportedly unlocked N221 billion in total property value and facilitated the delivery of 475 housing units through off-take guarantee arrangements.
Officials noted that the average age of beneficiaries is 42, reflecting strong demand among working-age Nigerians who have historically been unable to access long-term housing finance.
The MREIF is a N1 trillion housing finance platform, with its pilot phase comprising N250 billion in concessionary and commercial funding. It is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers.
Its Series 2 commercial issuance has received AAA and AA ratings from Agusto & Co. and GCR Ratings respectively.
Tinubu said the initiative operates alongside the Renewed Hope Cities and Estates Programme and the Family Homes Funds Limited scheme as part of the administration’s broader housing sector reforms.
He reiterated that the government remains committed to expanding affordable housing access and strengthening financial systems that support long-term wealth creation for Nigerian families.
The administration says it views housing not only as a social need but also as a critical driver of economic growth, employment generation, and financial inclusion.
