Tinubu Applauds MOFI Fund as 1,859 Families Access N128bn Affordable Home Loans

President Bola Tinubu has praised the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for facilitating N128 billion in affordable mortgage financing to 1,859 Nigerian families, describing the achievement as a major step towards expanding home ownership across the country.

The President said the initiative demonstrates how strategic reforms and innovative financing mechanisms can break long-standing barriers that have prevented millions of Nigerians from owning homes.

According to a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, beneficiaries of the mortgage programme are spread across 25 states and the six geopolitical zones of the federation.

The beneficiaries secured home loans repayable over 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 — financing terms Tinubu noted had been largely unavailable to Nigerians for nearly six decades.

Highlighting the significance of the development, the President said access to affordable housing finance has historically remained one of the biggest obstacles confronting aspiring homeowners.

“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.

“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.”

Beyond the mortgages already delivered, the administration said the housing finance platform has generated wider economic impact by unlocking N221 billion in property value and supporting the construction of 475 housing units through off-take guarantee arrangements.

The President noted that the average age of beneficiaries stands at 42 years, a figure he said reflects the strong demand for accessible mortgage financing among working Nigerians who have traditionally been excluded from long-term housing credit facilities.

MREIF was established as a N1 trillion housing finance initiative aimed at bridging the country’s housing deficit and expanding access to affordable mortgage products.

The programme’s pilot phase consists of N250 billion in concessionary and commercial funding. It is sponsored by the Ministry of Finance Incorporated (MOFI) and managed by ARM Investment Managers.

Its Series 2 commercial issuance has received strong credit ratings, earning AAA and AA grades from Agusto & Co. and GCR Ratings respectively.

Tinubu explained that the MREIF initiative forms part of a broader housing strategy being pursued by his administration and works alongside other flagship programmes designed to increase access to affordable housing nationwide.

According to the President, the fund complements the Renewed Hope Cities and Estates Programme as well as interventions being implemented through Family Homes Funds Limited, all of which are aimed at transforming Nigeria’s housing sector and making home ownership more attainable for citizens.