Nigeria sets aside N100bn yearly for housing scheme

May 30, 2017 naijalife

The Nigerian government says it intends to set aside the sum of one billion naira yearly, to finance a Social Housing Project that will enable more citizens possess their own houses.

Acting President Yemi Osinbajo announced this at Monday’s celebration of the 2017 Democracy Day at the Presidential Villa, Abuja.

The Acting President said the Social Housing Project, which would be the largest in the history of the country, was a component of the Social Investment Programme.

“An aspect of the Social Investment Programme that has not being mentioned is the N100 billion yearly which we are setting aside for our social housing project, The hundred billion yearly is the contribution to the one trillion naira social housing fund,” he said.

AG PRESIDENT OSINBAJO ATTENDS N-SIP 1-1B. ; Acting President Yemi Osinbajo accompanied by Ministers with Beneficiiaries of the Social Investment Programs during the National Social Investment Program held at the State House in Abuja. PHOTO; SUNDAY AGHAEZE. MAY 29 2017

World Bank Support

Professor Osinbajo said the World Bank and the ADB would support the project, adding that any individual that can earn up to N30, 000 a month can benefit from the housing scheme.

“The World Bank and the AfDB are contributors to this fund. This same fund will enable us to provide inexpensive mortgages for hundreds of thousands across the country who want to own homes of their own. Anyone who can afford N30, 000 a month will be able to buy a home under our new social housing fund scheme,” Professor Osinbajo stated.

The Acting President said the project is designed in such a way that developers of real estate would be able to borrow up to eighty percent of the cost of the project, adding that they will support fund with their own twenty percent.

He said government expects the project to help expand construction across the country, thus empowering citizens in the process.