President Bola Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering N128 billion in affordable mortgages to 1,859 families across 25 states of the federation.

The President described the milestone as evidence that the right policy framework, strong institutions and strategic partnerships can significantly expand access to home ownership for millions of Nigerians.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the beneficiaries, spread across the six geopolitical zones, accessed long-term mortgage facilities with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum and a minimum equity contribution of 10 per cent.

Tinubu Says Affordable Housing Finance Is Key to Wealth Creation

According to the President, access to affordable mortgage financing has remained a major barrier to home ownership for many Nigerians over the past several decades.

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

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

“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.”

MREIF Unlocks N221bn in Property Value

Beyond the N128 billion in mortgages already disbursed, the fund has reportedly unlocked N221 billion in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements.

The Presidency noted that the average age of mortgage beneficiaries is 42 years, highlighting strong demand for affordable housing finance among working-age Nigerians who have historically struggled to access long-term mortgage facilities.

Understanding the MREIF Housing Finance Initiative

The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) is a N1 trillion housing finance platform established to improve access to affordable mortgages and stimulate housing development across Nigeria.

Its pilot phase consists of N250 billion in concessionary and commercial funding.

The fund is sponsored by the Ministry of Finance Incorporated (MOFI) and managed by ARM Investment Managers.

Its Series 2 commercial issuance has received strong investment-grade ratings, including AAA from Agusto & Co. and AA from GCR Ratings, reflecting investor confidence in the initiative.

Part of Renewed Hope Housing Agenda

Tinubu explained that MREIF operates alongside other major housing interventions under his administration, including the Renewed Hope Cities and Estates Programme and Family Homes Funds Limited initiatives.

According to him, the programmes serve as complementary pillars of the administration’s broader strategy to reduce Nigeria’s housing deficit, expand affordable housing opportunities and increase home ownership nationwide.

The President reiterated his administration’s commitment to strengthening housing finance mechanisms and creating sustainable pathways for Nigerians to acquire homes through accessible mortgage schemes.

Industry stakeholders have continued to identify affordable mortgage financing as one of the most critical tools required to bridge Nigeria’s housing deficit and stimulate growth in the real estate sector.

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The Minister of Housing and Urban Development, Muttaqha Rabe Darma, has expressed dissatisfaction with the slow pace of work on the Renewed Hope Cities housing project in Katsina State, warning that contractors who fail to meet contractual obligations could face sanctions.

Speaking during an inspection of the project site, the minister criticized contractors handling various components of the housing scheme for failing to deliver projects within agreed timelines.

Contractors Accused of Violating Contract Terms

Darma noted that several contracts awarded in December 2024 were expected to be completed within six months, but some contractors have yet to finish their assignments more than one and a half years later.

While commending contractors who successfully delivered projects such as the electrification component and a 128-unit housing estate, the minister expressed concern over delays affecting road infrastructure and other housing developments.

“It is not acceptable for a contractor to sign an agreement with a specific completion timeline and then exceed that period by more than three times without obtaining an extension,” he said.

Funding Challenges Not an Excuse

According to the minister, some contractors blamed inadequate funding for the delays. However, he insisted that such explanations do not exempt contractors from complying with contractual requirements.

He explained that contractors facing challenges are expected to formally apply for an extension of time through the ministry.

“If a contractor cannot complete a project within the agreed timeline, the proper procedure is to return to the ministry and request an extension. None of them did that, and they have therefore violated the terms of their contracts,” Darma stated.

Ministry Orders Comprehensive Contract Review

The minister directed officials of the Federal Ministry of Housing and Urban Development to immediately convene a meeting with all contractors involved in the project.

He also ordered the preparation of a detailed report covering contract award dates, project durations, completion levels, and the identities of the contractors responsible for each assignment.

“I want a comprehensive report on every contract at this site. We need to know who was awarded the contracts, the duration, terms, and percentage of completion. The report should reach my office by Tuesday or Wednesday,” he instructed.

Government Rejects Substandard Housing Delivery

Darma expressed concern over signs of deterioration observed in some structures, warning that contractors would not be allowed to hand over defective projects.

According to him, any identified defects must be corrected before the government accepts the housing units.

“If we take over these houses and discover defects, we will reject them until the contractors rectify every issue,” he said.

Quality Assessment to Continue

Despite concerns over delays, the minister commended the construction quality of some of the housing units inspected.

He disclosed that he did not observe visible structural cracks in the buildings visited but emphasized that a technical assessment team would carry out a comprehensive evaluation before final acceptance.

“From my observations, the construction quality appears satisfactory. However, experts will conduct a detailed technical assessment before any handover takes place,” he added.

Over 15,000 Housing Units Under Construction Nationwide

Darma revealed that the Federal Ministry of Housing and Urban Development is currently implementing more than 15,000 housing units across Nigeria through multiple financing arrangements.

These include direct government funding, Public-Private Partnerships (PPPs), the Federal Mortgage Bank of Nigeria (FMBN), and the Federal Housing Authority (FHA).

Minister Questions Reported Completion Figures

The minister cautioned against relying solely on official progress reports, noting discrepancies between reported and actual project completion rates at the Katsina site.

While ministry officials indicated that 250 housing units had been completed, Darma said physical inspection suggested that only about 130 units were fully finished.

Commitment to Deliver Housing Before End of Administration

Darma assured Nigerians that the ministry remains committed to completing and allocating housing units to beneficiaries before the end of the current administration.

He pledged to devote the necessary time, expertise, and resources to ensure the success of the Renewed Hope Cities programme.

“I will commit my time, intellect, effort, and energy to ensuring these projects are completed. Before the end of this administration, I want to see between 80 and 90 percent of these housing projects delivered to Nigerians. Housing is meant for people, not rodents and animals,” he said.

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The Federal Ministry of Housing and Urban Development has clarified that the recently announced uniform prices for housing units apply strictly to the Renewed Hope Housing Estates funded through the Ministry’s budgetary allocation.

In a statement signed by the Director of Press and Public Relations, Badamasi S. Haiba, on Thursday, the Ministry stressed that the approved prices do not cover the Renewed Hope Cities in Karsana (Abuja), Janguza (Kano), and Ibeju-Lekki (Lagos), which are being developed under the Public Private Partnership (PPP) arrangement.

The clarification follows public inquiries regarding the pricing structure of the Renewed Hope Housing Programme, a flagship initiative of President Bola Tinubu’s administration aimed at expanding access to affordable housing nationwide.

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Commissioner for Information, Youth, Sports and Culture, Mr. Sagir Musa, made this known after the State Executive Council meeting held in Dutse. He said the project is in line with Governor Umar Namadi’s commitment to inclusive development and improved urban planning.

The housing units are part of Phase II of the state’s Mass Housing Estate initiative. The plan includes a mix of three-bedroom detached and two-bedroom semi-detached units, all enclosed with perimeter fencing for security and privacy.

The project will cover Babura, Birnin Kudu, Dutse, Gumel, Hadejia, Kafin Hausa, Kazaure, Maigatari, and Ringim.

According to the commissioner, the initiative will not only improve housing access but also create jobs and stimulate the local economy through construction activities and demand for materials.

Nigeria currently faces a housing deficit of around 28 million units. The Minister of Housing and Urban Development, Arc. Musa Dangiwa, recently noted that more than 75% of the country’s 42 million homes are substandard, with a large portion of the population living in informal settlements.

To tackle this, the Federal Government launched the Renewed Hope Cities and Estates programme in 2024. The initiative aims to deliver 100,000 homes nationwide, with flexible ownership options such as single-digit mortgage loans, rent-to-own models, and full purchase plans.

In April 2025, the government also announced an additional 77,400 housing units. Of these, 80% will be allocated to low-income earners who can pay gradually using one-third of their monthly income.

Despite these efforts, the Housing Minister has called for a minimum annual allocation of ₦500 billion to the sector. He said meeting the goal of 550,000 new homes each year over the next decade would require ₦5.5 trillion annually making the proposed budget less than 10% of what is needed.

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Speaking during the Senate Committee on Housing’s budget defence session on Monday at the National Assembly Complex, Dangiwa emphasized the need for more funds to execute critical projects, including the Renewed Hope Cities and Estates Housing Programme and the Slum Upgrading and Urban Renewal Programme.

“Current Allocations Are Inadequate”

Dangiwa revealed that the ministry’s 2024 allocation of N162.609 billion was insufficient to meet the sector’s needs. For 2025, the proposed capital budget ceiling is N83.752 billion, which he described as “a far cry from even the previous year’s appropriation.”

Calling on the committee to advocate for increased funding, Dangiwa said, “These programmes are pivotal to Mr. President’s transformative policies, designed to stimulate economic growth, generate employment, and attract investments.”

Renewed Hope Programme: Building Jobs and Opportunities

Explaining the impact of the Renewed Hope Cities and Estates Programme, Dangiwa noted that the first phase aims to deliver 50,000 housing units across 18 states.
“The construction and development of these areas will create 1.25 million direct and indirect construction jobs for professionals and artisans, such as architects, engineers, plumbers, and masons,” he stated.

The minister highlighted the ripple effects on local businesses, emphasizing the need for N108.6 billion to implement the programme at a rate of 250 housing units per state.

Slum Upgrading and Urban Renewal: Expanding the Reach

Dangiwa also underscored the importance of the Slum Upgrading and Urban Renewal Programme, which currently covers four sites in each geopolitical zone and the Federal Capital Territory (FCT). He estimated that at least N100 billion would be required to scale up the programme and achieve significant results.

Managing Liabilities

The minister raised concerns about the ministry’s mounting liabilities, amounting to over N92 billion, stemming from certified but unpaid projects. He requested N60 billion in the 2025 budget to reduce the financial burden.

Senate Committee Pledges Support

Chairman of the Senate Committee on Housing, Senator Aminu Tambuwal, assured the minister of the committee’s commitment to resolving these challenges.
“We will work with the Ministry of Finance, the budget office, and the Presidency to address these liabilities and secure debt relief for both the ministry and contractors,” Tambuwal said.

Dangiwa’s plea for increased funding underscores the critical role of housing in economic development and the urgent need for adequate resources to meet the nation’s housing demands.

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