President Bola Tinubu. Credit: State House
President Bola Tinubu on Tuesday commended the Ministry of Finance Incorporated Real Estate Investment Fund for delivering N128bn in affordable mortgages to 1,859 families across 25 states.
He described the achievement as proof that the right policy framework could open home ownership to millions of Nigerians who had been locked out of the market for decades.
In a statement signed Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the beneficiaries, spread across all six geopolitical zones, accessed mortgages of up to 20 years at a fixed interest rate of 9.75 per cent per annum with a minimum equity contribution of 10 per cent.
He noted that the terms were largely unavailable in Nigeria for nearly six decades.
