President Bola Ahmed Tinubu says no fewer than 1,859 households across 25 states have secured home loans valued at N128 billion through the Ministry of Finance Incorporated MOFI Real Estate Investment Fund, a flagship initiative aimed at expanding access to affordable housing across the country.
The President noted that beneficiaries obtained the mortgages at a single-digit fixed interest rate of 9.75 per cent, repayable over a 20-year period, a financing arrangement he said has opened the door to home ownership for many Nigerians previously unable to access long-term housing credit.
President Tinubu revealed 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 30 states.
The President highlighted that the housing programme had 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, was nearing completion, with prospective homeowners already taking up available units.
President Tinubu emphasised that more than 15,000 housing units are currently at various stages of construction nationwide, showcasing the administration’s commitment to expanding access to decent and affordable housing.
President Tinubu further stated that the Nigerian government under his leadership is tackling longstanding bottlenecks within the housing sector, particularly in the areas of land administration and titling, access to construction equipment, and the rising cost of building materials, with a view to creating a more efficient and sustainable housing delivery system.
He explained that the government was 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 had 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.
He noted that the administration had 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 capacity, reduce dependence on imports and lower construction costs.
President Tinubu further stated that the Family Homes Funds programme was 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.
While acknowledging the scale of Nigeria’s housing deficit, the President said ongoing interventions were beginning to yield positive results, citing progress in land administration reforms, housing delivery, mortgage financing, equipment accessibility and the domestic supply of building materials as evidence of growing momentum within the sector.
“Housing has moved from a welfare conversation to a national growth strategy,” Tinubu said, adding that every affordable home financed generated economic activity through construction jobs, factory orders, mortgage assets and increased household wealth. “ President Tinubu said.
The President reiterated that the objective of the Renewed Hope Housing Programme is to bridge the housing gap by making decent and affordable homes accessible to more Nigerians, emphasising that home ownership is a fundamental aspiration that government must support through deliberate policy interventions.
