Lagos State Government to Subsidize Cost of Home Ownership
- July 23, 2021
Last week, the state government moved to reduce the home-ownership barrier in Lagos and also speed up…Read More
Today, the presidency announced a N200 billion facility set aside for the Federal Government Social Housing Scheme and the disbursements are ready to start the project.
This announcement follows 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 disclosure is contained in a statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, on Sunday, in Abuja.
The presidential aide said that the National Social Housing Programme (NSHP), under the Economic Sustainability Plan (ESP), had received a further boost.
The aide to the vice president, Laolu Akande, in his statement, 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.
The fund 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.’’