1,859 Families Benefit From N128bn MOFI Housing Loans, Says Tinubu

President Bola Tinubu has said that 1,859 households across 25 states in the country have secured home loans valued at N128 billion through the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund.

According to him, the beneficiaries accessed the mortgages at a single-digit fixed interest rate of 9.75 per cent, repayable over a 20-year period.

He said the financing arrangement has opened the door to home ownership for many Nigerians previously unable to access long-term housing credit.

Tinubu disclosed this in a statement posted on Tuesday via his verified X account, @officialABAT, while highlighting achievements recorded under the housing pillar of the Renewed Hope Agenda.

He explained that the administration’s housing drive is being implemented on a nationwide scale with a goal of delivering 100,000 housing units.

The first phase targets 50,000 homes through the development of housing cities comprising 1,000 units in each geopolitical zone and the Federal Capital Territory, alongside estates of up to 500 units in the remaining states.

The President highlighted that the housing programme has recorded substantial milestones, with construction ongoing on over 3,000 housing units in Karsana, Abuja.

He added that the 2,000-unit Renewed Hope City project in Ibeju-Lekki, Lagos, is nearing completion, with prospective homeowners already taking up available units.

Tinubu said more than 15,000 housing units are at various stages of construction nationwide, as part of efforts to expand access to decent and affordable housing.

He stated that the administration is tackling longstanding bottlenecks in the housing sector, particularly in land administration and titling, access to construction equipment, and the rising cost of building materials, to create a more efficient and sustainable housing delivery system.

He explained that the government is 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 also disclosed that reforms have been introduced to strengthen the regulatory framework for equipment leasing, creating a more predictable operating environment for contractors, investors, and financial institutions, while improving access to critical construction machinery.

Tinubu noted that the administration has adopted a transparent pricing structure for houses delivered under the programme and established building materials manufacturing hubs across the six geopolitical zones to boost local production, reduce dependence on imports, and lower construction costs.

He added that the Family Homes Funds programme is expanding access to affordable housing for widows and other vulnerable Nigerians, with a mandate to deliver 500,000 housing units and generate as many as 1.5 million jobs nationwide.

Acknowledging the scale of Nigeria’s housing deficit, the President said ongoing interventions are beginning to yield positive results, citing progress in land administration reforms, housing delivery, mortgage financing, equipment accessibility, and domestic supply of building materials.

“Housing has moved from a welfare conversation to a national growth strategy,” Tinubu said, adding that every affordable home financed generates economic activity through construction jobs, factory orders, mortgage assets, and increased household wealth.

The President reiterated that the objective of the Renewed Hope Housing Programme is to bridge the housing deficit by making decent and affordable homes accessible to more Nigerians.