FG to disburse N200 billion social housing facility at 5% per annum

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Factual Pursuit of Truth for Progress

 

Plans have been announced by the Presidency to disburse the N200 billion facility set aside for the Federal Government Social Housing Scheme.

This was an outcome of the finalization of the agreement with the Central Bank of Nigeria (CBN) with a guarantee from the Federal Ministry of Finance for the scheme, which is expected to be disbursed at 5% per annum, generate 1.8 million jobs and deliver houses to 1.5 million Nigerian families.

The Senior Special Assistant to the Vice President on Media and Publicity,Laolu Akande,made this known on Sunday, in Abuja.

According to Akande, the National Social Housing Programme (NSHP), under the Economic Sustainability Plan (ESP), had received a further boost.

Laolu Akande said, ”Following the finalization of the agreement with the Central Bank of Nigeria (CBN) on the N200 billion facility, the drawdown, with a guarantee from the Ministry of Finance, is now commencing to fund the housing project.

Reports say the fund, which would be released in tranches, is expected to cover the NSHP project execution cost of the houses that would be constructed under the social housing project.

Under the Social Housing Programme, the Federal Government plans to support 1.5 million Nigerians to acquire low-cost houses either through mortgage options or Rent to Own option.

The scheme is expected to also generate 1.8 million jobs and deliver houses to about 1.5 million Nigerian families.’’

Recall that in September 2020, the CBN, in a circular, announced the approval of the sum of N200 billion as a mortgage finance facility to the Family Homes Fund Limited (FHFL), targeted at low-income earners.

The financing initiative is to be implemented in collaboration with the Family Homes Fund Limited as the lead developer, as it was introduced to support the Federal Government’s Economic Sustainability programme.

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