FG to lunch N1trn low-interest mortgage fund
The Federal Government on Saturday disclosed a plan to lunch a N1 trillion low-interest mortgage fund that is backed by both public and private financing to stimulate the housing sector.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun
The minister emphasised that the next phase of economic growth will be driven by private sector investment.
“Additionally, pension funds and institutional investors are being mobilised to finance 5,000 kilometres of roads under the Highways Management and Development Initiative,” the ministry’s statement added.
He disclosed that the FG reported a 20 per cent increase in revenue in 2024, alongside a reduced budget deficit and a decline in debt servicing as a percentage of revenue.
Edun made the disclosure during a virtual briefing, highlighting significant progress, key priorities, and strategic initiatives to drive sustainable growth and development in the country, a statement issued by the ministry’s Director for Information and Public Relations, Mohammed Manga.
The statement said the minister’s briefing provided a detailed overview of Nigeria’s economic stabilisation efforts, which have yielded notable results over the past 18 to 20 months.
According to Edun, the economy has pulled back from the brink of a fiscal crisis, with Nigeria recording 3.84 per cent GDP growth in Q4
He stated that the Govt Revenue increased by 20 per cent in 2024 2024—close to the 3.4 per cent annual target—while inflation began to ease, revenues increased, and the exchange rate showed signs of strengthening.
“Edun reported a 20 per cent increase in government revenue last year, alongside a reduced budget deficit and a decline in debt servicing as a percentage of revenue.
He reiterated the government’s commitment to responsible spending, stronger fiscal management, and efforts to raise the tax-to-GDP ratio to 18 per cent over the next 18 months – through improved compliance, digitisation, and broadening of the tax base.
On crude oil, trade and external positioning, the statement stated that while reaffirming Nigeria’s ongoing efforts to diversify the economy, Edun noted that oil revenue remains essential.
According to the statement, Edun added that plans are underway to expand domestic refining capacity to 1.2 million barrels per day and ensure a secure, investor-friendly operating environment in the oil sector.
“He also encouraged exporters to focus on domestic and regional markets to cushion the impact of global shocks, including recent tariff policies introduced by the United States,” Manga said.
On youth empowerment and innovation, the statement explained that with an average national age of 16.9 years and over 600,000 graduates annually, the minister underscored the urgency of youth-focused economic policy
