The Federal Government has said its plan to provide cheap housing for Nigerians is not a gimmick as the programme takes off in Ogun and Nasarawa states.
Presidency spokesman, Laolu Akande said the affordable housing programme targeting low income earners is part of the N1trillion Family Home Fund, initiated by the Buhari administration. The Nigerian government is contributing N100 billion, while the World Bank and African Development Bank will supply the remaining cash.
Beneficiaries will pay N30,000 monthly for the houses.
Akande said houses built under the programme are ready in Ogun and Nasarawa and advertisement about them will be put out next week.
He said ground breaking ceremonies for the projects in Kaduna, Delta, Katsina and Anambra states have been done. Oyo, Gombe, Kano, Niger and the Federal Capital Territory of Abuja will be signing and MoU very soon to benefit.
Acting President Yemi Osinbajo spoke about the programme on Democracy Day.
He said the Federal Government is implementing a N100 billion Family Home Fund, which provides inexpensive mortgages to Nigerians who can afford N30, 000 per month.
Osinbajo said the scheme is taking off in 11 states.
He further elaborated later on it at the Social Investment Programme’s score card presentation organised as part of activities to mark the 2017 Democracy Day celebration.
According to him, “there is also an aspect of the SIP that has not been mentioned. This is N100 billion set aside for the Family Home Fund of our Social Housing Project.’’
Explaining the operation of the fund, Osinbajo said “the N100 billion is a yearly contribution to our N1 trillion Social Housing Fund, the largest in the history of the country.
“Both the World Bank and AFDB are contributors to the fund from which developers will borrow 80% of cost of project and counter fund with their own 20%.’’
The Acting President added that “the same fund will enable us to provide inexpensive mortgages for hundreds of thousands across the country especially for Nigerians who can afford N30, 000 per month.’’
”We expect that this Family Housing Fund will jumpstart and expand construction exponentially across the country,’’he said.
Some of the houses are estimated to cost as low as N2.5 million, which would be paid for through the monthly mortgages.
Earlier in his broadcast to the nation Prof. Osinbajo stated that “the 2017 budget provides for substantial investment to implement our Social Housing Programme.’’
“The Family Home Fund of our Social Housing Programme will provide inexpensive mortgages for low-income individuals and families across the country,’’ he added.