FG kicks Off N400bn Housing Loan Scheme For 1.5m Nigerians

The Federal Government under the National Economic Sustainability Plan is to provide 300,000 low cost housing units to 1.5 million Nigerians at an estimated cost of over N400 billion.

To achieve the goal government hopes to provide mortgage loan guarantees to low income earners at low interest and collateral free basis, a member of Economic Sustainability Committee disclosed Monday.

According to him, the implementation of the social housing plan is expected to kickoff next week as early sites for the housing projects have already been identified.

The source which pleaded anonymity as he was not authorised to speak, said the Committee has already approved the plan to ensure that the 1, 2 and 3 bedroom units will cost as little as between N1.8million to N2million, while financial assistance would be available for Nigerians to pay the mortgage.

In June, the Federal Executive Council presided over by President Muhammadu Buhari had approved a N2.3 trillion Economic Stimulus package after Economic Sustainability Committee, led by Vice President Yemi Osinbajo had submitted its report.

Buhari had directed Osinbajo to supervise the implementation of the plan alongside the Economic Sustainability Committee.

Under the programme, there would also be Rent to Own option with job generation target put at 1.8 million.

According to the source, identified sites in the six geo-political zones including the FCT are in Ekiti and Ogun in the Southwest, Enugu and Abia in the Southeast, Delta and Edo in the South-South, Yobe and Bauchi in the Northeast, Kaduna and Katsina in the Northwest and Nasarawa and Plateau in the North- Central and Abuja.

Already, the Central Bank of Nigeria (CBN) has committed to N200 billion facility guarantee by the Federal Ministry of Finance at 5 percent interest rate. He stated that at least 400 houses would be built in each of the 774 local government areas (LGAs) in the country.

Source: Sun