President Bola Tinubu.
By Dianabasi Effiong
The Democratic Front (TDF) says the N100 billion MOFI Real Estate Investment Fund is a creative initiative by President Bola Tinubu administration to boost affordable housing options for low-income individuals and families in Nigeria.
The TDF in a statement made available to Pillar Today said this through its Chairman, Mallam Danjuma Muhammad.
The group also expressed its conviction that the government-backed initiative would bridge Nigeria’s housing deficit.
It stated: “The recent launch of a N100 billion private sector led real estate financing scheme by the Federal Government, is yet another show of commitment by President Bola Tinubu to increase accessibility to homeownership for Nigerians.
“The benefits contained in the financing scheme for affordable mortgage loans are obvious. It has a repayment period of up to 25 years and an interest rate set at between 11 and 12 percent, which is significantly lower than the rates offered by commercial banks.
“So we see it as a good initiative that will attract key private sector players, and trigger investment activities that will help reduce Nigeria’s housing deficit, currently put at 21 million.”
The TSF also stated that several administration governments, including the present one, were involved in different housing projects in Nigeria, adding that the Tinubu administration’s initiative was notable in the development of the real estate sector of the economy.
“For us, it aligns with President Bola Tinubu’s Renewed Hope Agenda, especially as it is structured to mobilize private sector investment in the housing sector.
“In addition to other social security benefits of the new housing financing scheme, the inclusion of pensioners on the list of beneficiaries will further discourage civil and public servants from the temptation of stealing public funds to build homes after retirement, thereby reducing the propensity for corruption in government.
“We also envisage that this commendable approach of real estate financing scheme will have a multiplier effect on the sector by way of reducing risks for private lenders and improving regulatory oversight to ensure that estate developments are safe, sustainable, and in compliance with quality regulations,” it stated.
The TDF urged Nigerians to embrace the ongoing economic reforms and avail themselves of the benefits and advantages inherent in the policies of the Tinubu administration.