President Bola Tinubu has applauded the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for expanding access to affordable housing finance, following the disbursement of N128 billion in mortgages to 1,859 Nigerian families across 25 states under the Renewed Hope Agenda.

The President said the achievement marks a significant step towards addressing one of Nigeria’s most persistent housing challenges, the lack of affordable long-term mortgage financing that has kept millions of citizens out of homeownership for decades.

The beneficiaries, drawn from all six geopolitical zones, have accessed mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum and a minimum equity contribution of 10 per cent.

According to Tinubu, the Fund complements the Renewed Hope Cities and Estates Programme, as well as the financing interventions and social housing initiatives being executed by Family Homes Funds Limited.

Tinubu stressed that while housing construction remains important, affordable mortgage financing is essential to converting completed housing units into actual homeownership, thereby bridging the gap between supply and access.