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N1tn social housing scheme underway, says FG

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The Federal Government has said it is working out modalities with the private sector to raise N1 trillion for the financing of housing mortgages for low-income earners. This will ride on the back of social housing programme of the present administration.

Vice President Yemi Osinbajo made this disclosure at the 22nd Nigeria Economic Summit in Abuja. He said it is a financial intervention fund, to be named Family Homes Fund that would be generated by aggregating funds from the private sector, local and international investors.

He said “It’s actually a financial intervention fund. Already we are trying to aggregate funds from the private sector, local and international investors.

Osinbajo explained that the the Fund would help government intervene in mortgage financing for developers to build social houses according to government specification for low income earners in the country. He said any Nigerian who can afford to contribute N30, 000 a month would be able to own a house under the federal government social housing programme.

“The idea is that any Nigerian who earns at least N30,000 ought to be able to own a home,” he said, adding that the developers would be able to use the mortgages raised by the fund to build affordable housing. He gave no more details.

The housing scheme is part of projects initiated by the jobs creation unit of the VP’s office to create employment opportunities for young Nigerians. The vice president said about nine states have either given land or about to issue certificates of occupancy for land allocated for the social housing scheme.


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