Group Lauds Tinubu’s Disbursement of N128bn Mortgage Fund to 1,859 Nigerians

The Tinubu Media Volunteers (TMV) has commended the disbursement of N128 billion in mortgage financing to 1,859 Nigerian families, describing the initiative as a major boost to home ownership and affordable housing under President Bola Tinubu’s administration.

The group said the intervention, executed through the Ministry of Finance Incorporated Real Estate Investment Fund (MRIEF), reflects the Federal Government’s commitment to tackling the country’s housing deficit and expanding access to long-term mortgage financing.

In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, TMV noted that beneficiaries were drawn from 25 states across the federation.

According to the group, the programme aligns with the Renewed Hope Agenda and addresses one of the major barriers to home ownership in Nigeria.

“This is a laudable move, especially as beneficiaries cut across 25 states of the federation under the Renewed Hope Agenda of President Tinubu,” the statement said.

The group argued that the mortgage scheme would provide relief for many Nigerians who have struggled to access affordable housing finance over the years.

“We align with President Tinubu’s position that the feat marks a significant step towards addressing one of Nigeria’s most persistent housing challenges, the lack of affordable long-term mortgage financing, which has kept millions of citizens out of range of homeownership for many years,” it added.

TMV also highlighted the favourable terms attached to the facility, noting that beneficiaries from the six geo-political zones had accessed the mortgages with a repayment period of up to 20 years.

“It is also gratifying that the beneficiaries who are drawn from the six geo-political zones have already accessed the mortgage with a repayment period of 20 years at a fixed interest rate of 9.75 per cent per annum and a minimum equity contribution of 10 per cent,” the group stated.

The organisation further described the fund as complementary to ongoing housing programmes of the Federal Government, including the Renewed Hope Cities and Estates Programme and interventions being implemented through Family Homes Funds Limited.

According to TMV, the initiative is expected to narrow the gap between housing supply and access to affordable home ownership by making mortgage financing available to more Nigerians.

The group maintained that recent housing interventions point to a deliberate effort by the Federal Government and its agencies to address the accommodation needs of citizens and improve access to decent housing across the country.

TMV expressed optimism that sustained investment in housing finance would encourage more Nigerians to own homes while supporting broader economic growth.