News
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.
Donald Trump swears in as the 47th President of the United States. The swearing in ceremony was held in Washington, DC.
The ceremony started by Trump attending the church service to start off the inauguration activities.
Trump gives a speech to the audience during his inauguration “I stand before you as proof that you should never believe something is impossible to do. In America, doing the impossible is what we do best.”
“We will not fail. From this day on, the United States of America will be a free, sovereign and independent nation.”
“The future is ours, and our golden age has just begun.”
Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has issued a stern warning to electricity vandals in Abuja, urging them to stop their criminal activities.
In a media chat on Sunday evening, Wike expressed his anger over the destruction and theft of transmission cables, which led to widespread power outages across the city. He vowed that those responsible would face severe consequences.
The Minister confirmed that several suspects have been apprehended in connection with the vandalism. However, he made it clear that the charges would not simply be theft, but economic sabotage.
“These vandals have caused more than 60% of Abuja to be plunged into darkness. This is pure sabotage.
Thankfully, our security agencies are fully on top of this,” Wike said. “Those involved will face the full weight of the law, and we will ensure they stay in litigation until convicted.
We won’t settle for theft charges. We’re going after them for economic sabotage.”
Bashir Ahmad, a former media aide to ex-President Muhammadu Buhari, has warned those pushing for the release of Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), saying such individuals are enemies of Nigeria.
On his X platform, Ahmad made it clear, stating, “Anyone advocating for the release of Nnamdi Kanu, a terrorist and leader of the banned IPOB group, should be seen as an enemy of this nation.”
Kanu, known for his call for an independent Biafra and his support for the secession of the southeastern region of Nigeria, has been a contentious figure for years.
The Nigerian government arrested him, accusing him of instigating violence and plotting the division of the country.
Despite court rulings that cleared him, Kanu remains in the custody of the Department of State Services (DSS).
His detention continues despite legal setbacks, including a 2022 ruling that acquitted and discharged him.
Inauguration Day: Donald Trump Swears In As The 47th President Of The United States
Nigerian Dj Jimmy Jatt Speaks On His Health Battles and Kidney Transplant
Annie Idibia Opens Up About Her Miscarriage Struggles and Emotional Journey
-
News23 hours agoTikTok Restored in U.S. After Ban Following Donald Trump’s Intervention
-
Business23 hours agoDangote Refinery Explains Petrol Price Hike Due to Rising Global Oil Costs
-
Sport22 hours agoAmorim Says Rashford Won’t Play for Man United “No Matter What”
-
Sport23 hours agoNeymar to Leave Al Hilal on Loan and Rejoin Santos for Six Months
-
News23 hours ago“Anyone Fighting for Nnamdi Kanu’s Release is an Enemy of Nigeria” – Bashir Ahmad
-
Sport23 hours agoRuben Amorim Warns Manchester United Players and Fans to Brace for Tough Times
-
Sport21 hours ago“We are Working Hard Every Week. It is Showing on the Pitch” – Ola Aina on Forest’s Top Four Push
-
Sport23 hours agoDion Dublin Says Bruno Fernandes is the Only Man U Player Who Deserves His Spot