Social housing facility of 200 billion naira at 5% per year ready for disbursement – FG
The presidency announced that the 200 billion naira facility reserved for the federal government’s social housing scheme is ready to be disbursed to start the project.
This follows the finalization of the agreement with the Central Bank of Nigeria (CBN) with a guarantee from the Federal Ministry of Finance for the program, which is expected to be disbursed at 5% per year, generate 1.8 million jobs and deliver housing to 1.5 million Nigerian families.
The disclosure is contained in a statement released on Sunday by the Senior Special Assistant to the Vice President for Media and Publicity Laolu Akande in Abuja.
The presidential assistant said the National Social Housing Program (NSHP), as part of the Economic Sustainability Plan (ESP), has received new impetus.
What the vice-president’s media aide says
Laolu Akande, in his statement, said: “Following the finalization of the agreement with the Central Bank of Nigeria (CBN) on the 200 billion naira facility, the levy, with a guarantee from the Ministry of Finance, is now starting to finance the housing project.
The fund, which would be released in installments, should cover the cost of implementing the NSHP project of the houses that would be built under the social housing project.
Under the social housing program, the federal government plans to help 1.5 million Nigerians acquire homes at low prices either through mortgage options or hire-purchase.
The project is also expected to generate 1.8 million jobs and provide homes for around 1.5 million Nigerian families. ”
What you should know
It can be recalled that in September 2020, the CBN, in a circular, announced the approval of the sum of 200 billion naira as a mortgage financing facility to the Family Homes Fund Limited (FHFL), intended for people with low income. returned.
The funding initiative is to be implemented in conjunction with the Family Homes Fund Limited as the lead developer, as it was launched to support the federal government’s economic sustainability agenda.
This fund, which should accelerate the construction of 300,000 housing units in the 36 states of the federation including the Federal Capital Territory and create up to 1.5 million jobs in 5 years, has an interest rate not exceeding 5 % per year and should be repaid in no more than 3 installments within the duration of the installation.