Acting President Yemi Osinbajo has announced a N100 billion Family Home Fund, which he said, is an initiative of the Federal Government’s social housing project that provides inexpensive mortgages to Nigerians who can afford N30, 000 per month.
Professor Osinbajo, who spoke at the Social Investment Programme’s score card presentation, organized as part of activities to mark the 2017 Democracy Day celebration, said that already, the project has started in 11 States of Nigeria.
“There is 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.”
The Acting President said that the N100 billion is a yearly contribution to the federal government’s N1 trillion Social Housing Fund which he said is 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 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.”
Professor Osinbajo said that some of the houses are estimated to cost as low as N2.5 million, which would be paid for through the monthly mortgages.
He had said in his second anniversary broadcast to the nation that the 2017 budget provides for substantial investment to implement the 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.” [myad]
