The Tinubu Media Volunteers (TMV) has applauded the disbursement of N128 billion mortgage fund 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 argued that the disbursement will help expand access to affordable housing finance to potential home owners.
It said: “This is a laudable move, especially as beneficiaries cut across 25 states of the federation under the Renewed Hope Agenda of President Tinubu.
“We align with President Tinubu’s position that the feat marks a significant step towards addressing one of Nigeria’s most persistent housing challenges, and the lack of affordable long-term mortgage financing, which has kept millions of citizens out of range of homeownership for many 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.
“From all indications, the Fund complements the President’s Renewed Hope Cities and Estate Programme as well as the financing interventions and social housing initiatives being executed by the Family Homes Funds Limited.
“We also commend the fund for providing affordable mortgage financing for potential homeowners, as the financing will help bridge the gap between supply and access to housing.”
The group contends that there is a visible commitment on the part of the federal government and its agencies towards addressing the housing needs of Nigerians.
