- Tinubu Reveals N128bn Mortgage Support for Homeowners Across 25 States
- Targets 100,000 Homes as 1,859 Nigerians Benefit
- Says 15,000 Units Under Construction Nationwide
President Bola Tinubu has disclosed that 1,859 households across 25 states have secured home loans worth N128 billion through the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund, Eko Hot Blog reports.
According to the President, the beneficiaries accessed the mortgages at a single-digit fixed interest rate of 9.75 per cent, with repayment spread over a 20-year period, making homeownership more accessible to Nigerians who previously struggled to obtain long-term housing credit.
EDITOR’S PICK
- Hamzat Appoints Obanikoro as Campaign DG Ahead of 2027 Lagos Governorship Race
- Tinubu’s State Police Plan Gains Momentum as Amendment Looms
- Residents Raise Alarm After Two Bodies Found in Lagos Waterway
Tinubu made the disclosure in a statement shared on Tuesday via his verified X account, where he highlighted progress recorded under the housing component of the Renewed Hope Agenda.
The President said the administration is pursuing an ambitious target of delivering 100,000 housing units nationwide, with the first phase focused on constructing 50,000 homes.
Under the plan, housing cities comprising about 1,000 units each are being developed across the six geopolitical zones and the Federal Capital Territory, while estates of up to 500 units are being built in other states.
Tinubu revealed that more than 15,000 housing units are currently at different stages of construction across the country.
He noted that over 3,000 housing units are under construction in Karsana, Abuja, while the 2,000-unit Renewed Hope City project in Ibeju-Lekki, Lagos, is nearing completion, with prospective homeowners already subscribing to available units.
The President said the government is also addressing long-standing challenges affecting housing delivery, including land administration, title registration, access to construction equipment and the rising cost of building materials.
As part of the reforms, he disclosed that the Federal Government is collaborating with the World Bank to modernise land registration systems and increase the percentage of formally registered land from less than 10 per cent to about 50 per cent nationwide.
Tinubu added that reforms in the equipment leasing sector are improving access to construction machinery, while new building materials manufacturing hubs are being established across the six geopolitical zones to boost local production and reduce dependence on imported materials.
He further stated that the Family Homes Funds programme is expanding housing opportunities for widows and other vulnerable groups, with a mandate to deliver 500,000 affordable housing units and create up to 1.5 million jobs across the country.
While acknowledging the country’s significant housing deficit, the President expressed confidence that ongoing interventions are beginning to deliver measurable results.
“Housing has moved from a welfare conversation to a national growth strategy,” Tinubu said.
He stressed that every affordable home financed stimulates economic activity through job creation, increased demand for building materials, growth in mortgage assets and improved household wealth.
Tinubu reiterated that the Renewed Hope Housing Programme remains focused on bridging Nigeria’s housing gap by making decent and affordable homes available to more citizens.
