The plans to provide affordable housing for Nigerians by the Federal Government is not a gimmick as the programme takes off in Ogun and Nasarawa states.
Spokesman to the Presidency, Laolu Akande said the affordable housing programme which is targeted at low income earners is part of the N1trillion Family Homes Fund initiated by the administration of President Muhammadu Buhari. “The Nigerian government is contributing N100 billion, while the World Bank and African Development Bank will supply the remaining cash” he said. “Residential Housing Estate Beneficiaries will pay N30,000.00 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 an MoU very soon to benefit.
It can be recalled that Acting President Yemi Osinbajo on May 29, 2017 spoke about the programme. He said the Federal Government is implementing a N100 billion Family Homes Fund, which will provide inexpensive mortgages to Nigerians who can afford N30,000.00 per month. Osinbajo said the scheme is taking off in 11 states.
The Acting President further elaborated 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 Homes 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 N30,000.00 per month. We expect that this Family Housing Fund will jumpstart and expand construction exponentially across the country. 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 Homes Fund, an initiative of the Federal Ministry of Finance, was established in September, 2016 and has partnered with the Millard Fuller Foundation to deliver affordable homes to Nigerians.