1,859 Families Access ₦128bn Mortgages at 9.75% Interest Rate – President Tinubu
...Says Over 15,000 Housing Units Under Construction Nationwide
President Bola Tinubu has disclosed that 1,859 families in 25 states across the country now have access to ₦128 billion in mortgages fixed at 9.75 percent, to be repaid over 20 years through the MOFI Real Estate Investment Fund.
In a statement on Tuesday, President Tinubu also announced that over 15,000 housing units are currently under construction nationwide.
He noted that when he placed the Renewed Hope Agenda before Nigerians, he did not speak of housing in vague terms.
The President stated that he gave his word that the administration would work to make decent homes affordable again, and ensure that a hardworking family, after years of paying rent, would finally have a path to owning a home.
Accounting for his promise and comparing pledges with achievements, the President said: “We promised a programme built on a national scale, 100,000 homes in all, with 50,000 in the first phase through cities of 1,000 units in every geopolitical zone and the Federal Capital Territory, and estates of up to 500 units in the remaining 30 states.
“What stands today is no longer a drawing. We broke ground on more than 3,000 homes at Karsana in Abuja, the 2,000-unit city at Ibeju-Lekki in Lagos has reached advanced completion with sales already underway, and across the country, more than 15,000 units are rising as I write this.”
Tinubu mentioned that a house does not begin with its walls, adding that his administration refused to govern as though it did. “We promised to confront the foundation, the tools and the cost of building itself. So we have moved to title land that sat for generations as dead capital, working with the World Bank to lift this nation from fewer than one plot in ten formally registered toward one in two.
“We have strengthened the framework that governs equipment leasing, so that a builder or contractor can secure the machines a project needs with legal certainty and the confidence of those who finance them, and no site stands idle for want of a crane.”
He further declared that his administration has published uniform prices for homes so that no Nigerian pays a bribe to know the cost of housing, while also establishing building materials hubs across all six geopolitical zones to support local production and reduce dependence on imports.
“But a home that is built and cannot be bought is only a monument, and on this point, Nigeria has stumbled for decades. So, we turned to the question of money. Through the MOFI Real Estate Investment Fund, 1,859 families across 25 states have now drawn ₦128 billion in mortgages, fixed at 9.75 per cent and repayable over 20 years, terms our people were told for a generation they would never see,” he said.
President Tinubu equally revealed that through the Family Homes Fund, his administration has continued to support low-income earners, including widows, under a mandate to deliver 500,000 homes and create 1.5 million jobs.
He acknowledged that the housing deficit in Nigeria runs into millions and would require years of sustained effort to address. “But the difference now is real. For the first time in a generation, the whole housing value-chain is moving together: the land and its title, the building, the materials, the equipment, the finance, and the family at the end of it, and no part waits idle on another.”
He emphasised that housing has moved from a welfare issue to a national growth strategy, noting that real estate and construction now rank among Nigeria’s major contributors to GDP.
Tinubu also stressed that every affordable home financed represents a factory order, a labour contract, a mortgage asset, a household balance sheet, and a contribution to national output.
“That is what I promised for our housing sector, and that is what is now being delivered. Renewed Hope was never charity. It is the right of every Nigerian to a place called home,” he added.
