By Chioma Obinagwam
The Federal Government (FG) has said it has started a N100 billion Family Home Fund – an initiative of the FG’s social housing project that provides inexpensive mortgages to Nigerians who can afford N30, 000 per month.
Acting President, Yemi Osinbajo, said in a statement issued by Senior Special Assistant on Media and Publicity to the President, Laolu Akande.
Osinbajo who spoke about this at the May 29 Democracy Day Broadcast and at the Social Investment Programme’s (SIP) score card presentation on Monday said the project has started in 11 States.
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 operationalization 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 African Development Bank(AFDB) are contributors to the fund from which developers will borrow 80 per cent of cost of project and counter fund with their own 20 per cent.’’
Prof. Osinbajo added that the same fund will enable Nigerians provide inexpensive mortgages, especially, for those who can afford N30, 000 per month.
He said: “we expect that this Family Housing Fund will jumpstart and expand construction exponentially across the country.’’
“For instance, some of the houses are estimated to cost as low as N2.5 million, which would be paid for through the monthly mortgages,” he continued.
Earlier in his broadcast to the nation, Osinbajo stated that the 2017 budget provides for substantial investment to implement the Social Housing Programme.