The Federal Government says 1,859 Nigerian families across 25 states have accessed a total of N128 billion in housing loans under its expanded mortgage intervention scheme, as part of efforts to tackle the country’s deep housing deficit.
President Bola Tinubu disclosed the development on Tuesday, noting that the beneficiaries obtained long-term mortgages through the MOFI Real Estate Investment Fund at a single-digit fixed interest rate of 9.75 per cent, repayable over 20 years.
He said the intervention marks a major shift in housing finance accessibility, especially for middle- and low-income Nigerians who have long been locked out of formal mortgage systems due to high interest rates and stringent lending conditions.
According to him, the housing initiative is a central pillar of the administration’s “Renewed Hope” agenda, designed to expand homeownership and stimulate economic activity through large-scale construction and mortgage financing.
Tinubu explained that the housing programme targets the delivery of 100,000 housing units nationwide, with an initial phase of 50,000 homes being developed across the six geopolitical zones and the Federal Capital Territory.
He said the model includes the construction of housing cities with 1,000-unit estates in each zone, alongside 500-unit estates in participating states, aimed at decentralising housing access and boosting 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 ongoing in Karsana, Abuja. In Lagos, he said the 2,000-unit Renewed Hope City project in Ibeju-Lekki is nearing completion, with allocation to prospective homeowners already underway.
Tinubu added that the administration is also collaborating with the World Bank to reform land administration systems, with a target of increasing formal land registration from below 10 per cent to about 50 per cent nationwide, to unlock real estate value and improve access to credit.
He said additional reforms have been introduced to address long-standing bottlenecks in the housing 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 building materials manufacturing hubs are being established across the six geopolitical zones to boost local production and reduce dependence on imports, while improving affordability of new homes.
He noted that the Family Homes Funds scheme is being expanded to provide affordable housing for vulnerable groups, including widows, with a mandate to deliver 500,000 homes and generate up to 1.5 million jobs nationwide.
Tinubu maintained that the housing reforms are already yielding measurable outcomes across mortgage financing, construction activity, and land administration.
“Housing has moved from a welfare conversation to a national growth strategy,” he said, adding that each affordable home financed triggers jobs, factory output, mortgage assets, and broader household wealth creation.
He reiterated that the government’s long-term objective is to bridge Nigeria’s housing gap while positioning the sector as a key driver of economic growth under the Renewed Hope Housing Programme.
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