1,859 families secure N128 billion mortgage loans under Tinubu housing programme, says FG

The federal government says 1,859 Nigerian families in 25 states have accessed a total of $128 billion in home loans under its expanded mortgage intervention program, as part of efforts to address the country’s deep housing deficit.

President Bola Tinubu disclosed the development on Tuesday, noting that the beneficiaries obtained long-term mortgages through MOFI Real Estate Investment Fund with a single-digit fixed interest rate of 9.75%, repayable in 20 years.

He said the move marks a major shift in accessibility to housing finance, especially for middle- and low-income Nigerians who have long been excluded from formal mortgage systems due to high interest rates and stringent lending conditions.

He said the housing initiative is a central pillar of the administration’s “Renewed Hope” agenda, designed to expand homeownership and spur economic activity through large-scale construction and mortgage financing.

Tinubu explained that the housing program aims to deliver 100,000 housing units nationwide, with an initial phase of 50,000 homes developed across the six geopolitical zones and the Federal Capital Territory.

He said the model calls for building residential cities with 1,000-unit complexes in each zone, along with 500-unit complexes in participating states, with the goal of decentralizing access to housing and spurring urban development.

The President further disclosed that more than 15,000 housing units are currently under various stages of construction across the country, while over 3,000 units are underway in Karsana, Abuja. In Lagos, he said the 2,000-unit Renewed Hope City project in Ibeju-Lekki is nearing completion, with allotment to prospective homeowners already underway.

Tinubu added that the administration is also working with the World Bank to reform land administration systems, aiming to increase formal land registration from less than 10% to around 50% nationwide, to unlock property value and improve access to credit.

He said further reforms have been introduced to address long-standing bottlenecks in the real estate sector, including equipment leasing, land titling and the rising cost of building materials, all aimed at making housing delivery more efficient and affordable.

The President also revealed that construction materials manufacturing centers are being established across the six geopolitical zones to boost local production and reduce dependency on imports, while improving the affordability of new homes.

He noted that the Family Homes Funds program is being expanded to provide affordable housing to vulnerable groups, including widows, with a mandate to build 500,000 homes and generate up to 1.5 million jobs nationwide.

Tinubu argued that property reforms are already producing measurable results in mortgage financing, construction activity and land management.

“Housing has moved from a welfare issue to a national growth strategy,” he said, adding that every affordable home financed triggers jobs, industrial production, mortgage activity and broader household wealth creation.

He reiterated that the government’s long-term goal is to close Nigeria’s housing gap by positioning the sector as a key driver of economic growth under the Renewed Hope Housing programme.

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