President Bola Tinubu has praised the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for disbursing ₦128 billion in affordable mortgages to 1,859 Nigerian families across 25 states. The fund operates under the Renewed Hope Agenda and offers long-term financing with a fixed interest rate of 9.75 per cent per annum over up to 20 years. Beneficiaries are required to make a minimum equity contribution of 10 per cent, a structure designed to broaden access to home ownership.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, confirmed the figures in a statement issued Tuesday. He noted that the beneficiaries span all geopolitical zones, reflecting a nationwide reach. The average age of mortgage recipients is 42 years, indicating strong demand among working-age Nigerians who have historically faced barriers to long-term housing finance.
Beyond direct mortgage lending, MREIF has unlocked ₦221 billion in total property value and facilitated the delivery of 475 housing units through offtake guarantee projects. The fund is part of a broader housing transformation strategy under the Renewed Hope Agenda, working alongside initiatives like the Renewed Hope Cities and Estates Programme and the social housing interventions of Family Homes Funds Limited.
Tinubu emphasized that affordable mortgage finance is critical to converting completed housing units into actual home ownership. He cited the absence of long-term mortgage options as a key obstacle that kept many Nigerians from owning homes despite being able to afford rent. MREIF, initially launched with a ₦250 billion pilot under a ₦1 trillion framework, combines government support with private sector management and institutional investment to mobilize capital.
The fund's Series 2 commercial issuance has received strong market validation, rated AAA by Agusto & Co. and AA by GCR Ratings, signals confidence in its governance and sustainability. The administration plans to scale up capital mobilization to deepen institutional participation and expand access to affordable housing finance.
President Tinubu celebrates MREIF's reach to 1,859 families while noting decades of failed mortgage access, yet the fund has only served fewer than 2,000 in its pilot phase. The average recipient is 42, highlighting how long many have waited for viable financing. ₦128 billion disbursed sounds substantial, but spread across nearly 2,000 families, it translates to roughly ₦69 million per household—raising questions about coverage versus cost. With 25 states involved but no detail on distribution, it remains unclear how equitably the benefits are shared across the country.
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