The Federal government of Nigeria through its N100 billion family home fund, an initiative of the Federal government’s social housing project to provides inexpensive mortgages to low income earners in the country who can afford N30, 000 per month. The acting President, Prof. Osinbajo said in a broadcast that the Federal government’s Housing Programme the project has already started in 11 states in the country.
According to Prof. Osinbajo, “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% of the cost of project and counter fund with their own 20%.’’
The acting president added that “the same fund will enable the country to provide inexpensive mortgages for hundreds of thousands of low income earners across the country especially for Nigerians who can afford N30, 000 per month.’’
Prof. Osinbajo said, “we expect that this low income earners 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 with 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.
Culled from NTA Website | How Low Income Earning Nigerians Can Own Houses For N30, 000 Monthly