The Tinubu Media Volunteers (TMV) has applauded the disbursement of N128 billion in mortgage financing to 1,859 Nigerian families by the Ministry of Finance Incorporated Real Estate Investment Fund (MRIEF).
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group described the initiative as a significant step towards expanding access to affordable housing finance for prospective homeowners across the country.
According to TMV, the beneficiaries are drawn from 25 states of the federation under President Bola Tinubu’s Renewed Hope Agenda.
The group said the intervention aligns with the President’s commitment to addressing one of Nigeria’s longstanding housing challenges limited access to affordable, long term mortgage financing which has placed homeownership beyond the reach of many citizens.
TMV noted that beneficiaries from the six geopolitical zones have already accessed the mortgage facility, which offers 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 further stated that the fund complements the Renewed Hope Cities and Estates Programme, as well as other housing finance interventions and social housing initiatives being implemented by Family Homes Funds Limited.
The statement also commended the fund’s role in providing affordable mortgage financing, saying the initiative would help bridge the gap between housing supply and access to homeownership.
TMV maintained that the development reflects the Federal Government’s commitment, through its agencies and programmes, to addressing the housing needs of Nigerians.