A pro-government group has lauded the disbursement of a N128 billion mortgage fund to 1,859 Nigerian families, describing it as a concrete demonstration of President Bola Tinubu’s commitment to tracking the country’s long-standing housing deficit.
The Tinubu Media Volunteers (TMV), in a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, applauded the Ministry of Finance Incorporated Real Estate Investment Fund (MRIEF) for the disbursement, saying it would significantly broaden access to affordable housing finance for prospective homeowners across the country.
TMV noted that the scheme’s reach spans 25 states and all six geo-political zones, describing the spread as consistent with the inclusive character of President Tinubu’s Renewed Hope Agenda.
“This is a laudable move, especially as beneficiaries cut across 25 states of the federation under the Renewed Hope Agenda of President Tinubu,” the statement said.
According to TMV, beneficiaries have accessed the mortgages on terms designed to ease the burden of homeownership, including a 20-year repayment period, a fixed interest rate of 9.75% per annum, and a minimum equity contribution of 10%.
The group described these conditions as a meaningful attempt to bring mortgage financing within reach of Nigerians who have historically been priced out of the formal housing market.
“We align with President Tinubu’s position that the feat marks a significant step towards addressing one of Nigeria’s most persistent housing challenges -the lack of affordable long-term mortgage financing, which has kept millions of citizens out of the range of homeownership for many years,” the group stated.
It said: “From all indications, the Fund complements the President’s Renewed Hope Cities and Estate Programme as well as the financing interventions and social housing initiatives being executed by the Family Homes Funds Limited.
“We also commend the fund for providing affordable mortgage financing for potential homeowners, as the financing will help bridge the gap between supply and access to housing.”
TMV contended that there is a visible commitment on the part of the federal government and its agencies towards addressing the housing needs of Nigerians.
