The Federal Government has approved a N250 billion mortgage refinancing loan to bridge housing deficits in the country. The housing deficit in Nigeria is estimated to be over 22 million, with low-income earners mostly sidelined in the mortgage system.
Minister of Finance and Coordinating Minister for the Economy Wale Edun disclosed this on Thursday, shortly after the Federal Executive Council meeting presided over by President Bola Tinubu. Edun explained that the Ministry of Finance is coordinating the process. He said the fund is the basis for the revival and the return of long-term mortgage financing to the Nigerian economy.
When I say low cost, we are talking about low double-digit, maybe 11 per cent or 12 per cent, maybe even less, depending on market conditions. 'It will be achieved by attracting long-term savers, life insurance companies, maybe pension funds, within the limits of what is allowed, and other savers to save long-term.
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