President Bola Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund for delivering N128bn in affordable mortgages to 1,859 families across 25 states in Nigeria.

The President described the achievement as evidence that effective policies and strong institutions can expand access to home ownership for millions of Nigerians previously excluded from the housing market.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the beneficiaries, drawn from all six geopolitical zones, secured mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent annually.

According to the statement, beneficiaries were also required to provide a minimum equity contribution of 10 per cent, terms Tinubu noted had been largely unavailable in Nigeria for nearly 60 years.

“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” the President said.

“That reality kept countless families out of home ownership and limited their ability to build lasting assets.”

Tinubu added that the progress recorded by the Ministry of Finance Incorporated Real Estate Investment Fund showed that the right policy environment can unlock opportunities for wealth creation through property ownership.

“The progress recorded by MREIF shows that with the right policies, strong institutions, and effective partnerships, we can expand access to home ownership and create opportunities for more Nigerians to build wealth through asset ownership,” he stated.

Beyond the mortgages already disbursed, the Presidency said the initiative has unlocked N221bn in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements.

The statement also noted that the average age of beneficiaries is 42 years, reflecting significant demand for long-term housing finance among working-age Nigerians.

MREIF is a N1tn housing finance platform sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers.

Its pilot phase consists of N250bn in concessionary and commercial funding.

According to the Presidency, the initiative operates alongside the Renewed Hope Cities and Estates Programme and the Family Homes Funds Limited interventions as part of the administration’s broader housing reform agenda.