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Nigerian Government Launches N250 Billion Fund for Affordable Housing and Economic Growth
The Nigerian government has officially launched the N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).
The announcement was made on Thursday via a statement from the Federal Ministry of Finance’s official X account.
According to the government, the fund’s primary goal is to provide low-cost, long-term mortgage financing, particularly focusing on the housing and construction industries, which are vital sectors for job creation and economic development.
At the signing ceremony, the Honourable Minister of Finance, Mr. Wale Edun, stated the importance of the initiative in bridging the country’s significant housing finance gap.
He explained that the new fund would offer mortgages with terms of up to 25 years, a stark contrast to the short-term, high-interest loans typically provided by commercial banks.
This longer repayment period is expected to make homeownership more accessible and affordable for Nigerians.
Edun also shared details about the fund’s structure, revealing that the first series, worth N150 billion, aims to attract substantial private-sector investment.
A second series, which will raise an additional N100 billion, will follow.
The initiative is closely aligned with President Bola Ahmed Tinubu’s vision to promote widespread homeownership, create jobs, and drive economic growth, particularly in the construction and real estate sectors.
Armstrong Takang, the Managing Director of MOFI, also spoke on the impact of the initiative, emphasizing that the MREIF will allow Nigerians to build generational wealth through sustainable homeownership.
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“Culturally and Historically, Lagos Is Yoruba”-Daniel Bwala Clarifies Past ‘No-Man’s Land’ Remark on Lagos
Daniel Bwala, Special Adviser to President Bola Tinubu, recalls his statement describing Lagos as a “no-man’s land.”
The adviser later received huge criticism from Nigerians over the description and many disagreed with him.
During a recent interview, the adviser addressed the issue and clarified that Lagos belongs to the Yoruba people, as it is Yoruba land.
“Don’t misinterpret what I said in my interview this morning. Culturally, historically, and constitutionally, Lagos belongs to the Yoruba people, and that has never been in contention. The unique identity of Lagos as a Yoruba homeland is settled and beyond dispute.”
The Federal Government has declared Friday, September 5, 2025, as a public holiday in celebration of Eid-ul-Mawlid, which marks the birth of the Holy Prophet Muhammad. The announcement was made in Abuja through a statement signed by Dr Magdalene Ajani, Permanent Secretary at the Ministry of Interior.
In the statement, the Minister of Interior, Dr Olubunmi Tunji-Ojo, extended warm wishes to Muslims in Nigeria and beyond. He called on the Muslim community to follow the Prophet’s example of peace, love, humility, tolerance, and compassion, noting that these virtues are key to building unity and progress in the nation.
He added that Eid-ul-Mawlid provides an opportunity for Nigerians to deepen the spirit of brotherhood, strengthen peaceful coexistence, and live out the Prophet’s message of respect and service to humanity.
Nigerian skit maker and content creator, Raji Samad Adetola, widely known as Mr Sanku Comedy, has passed away following a tragic car accident.
The accident occurred in the early hours of Monday along the Oyo-Ogbomoso road in Ibadan. Reports on social media showed images and videos of the wrecked car, which had veered into a ditch.
Sanku was in the vehicle with a friend when the crash happened. Both were rushed to the hospital but sadly, they were confirmed dead a few hours later.
Actress Funmi Awelewa shared on Instagram that she sent one of her students near Bowen Hospital to check on him. According to her, he was initially said to be responding to treatment, but despite her prayers, he later passed away.
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