The Senior Special Assistant on Media and Publicity to the Vice-President, Laolu Akande, has disclosed that the N200 billion earmarked for the social housing scheme by the presidency is ready for disbursement.
Laolu made the announcement on Sunday, in Abuja.
The scheme which was unveiled as part of the National Social Housing Plan (NSHP) aims at building 300,000 houses across the country, specifically for low-income earners as part of the Federal Government’s Economic Sustainability Programme (ESP).
The Senior Special Assistant noted that the fund will be disbursed in tranches and will create 1.8 million jobs and deliver houses to an estimated 1.5 million Nigerian families.
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“Following the finalisation 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 statement read.
“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.”
