Yemi Osinbajo

Vice President Yemi Osinbajo

On Sunday, December 13, the Federal Government revealed that its plan to build 300,000 affordable housing units for Nigerians will commence this week.

The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, who disclosed this in a statement in Abuja, said the housing units would be built under the Social Housing element of the government’s Economic Sustainability Plan (ESP).

According to him, “This week, the portal to invite Nigerians interested either as beneficiaries of the Social Housing or as delivery partners would be launched by the Family Homes Fund, the Federal Government agency designated to implement the scheme.

Under the ESP Social Housing Plan, 300,000 low-cost houses would by itself create 1.8 million jobs in the housing sector and beyond, while as indicated under the ESP approved by the President and the Federal Executive Council, the Central Bank of Nigeria has now committed N200bn facility for the Social Housing Plan.

Under the programme, the federal government will offer one-bedroom, two-bedroom and three-bedroom units at low prices.

The one-bedroom unit will cost between N1.8m and N2m, while financial assistance would be available for Nigerians to pay the mortgage.

The form of financial assistance that will be made available to Nigerians include mortgage loans at low-interest rates.

Financing will be arranged through the designation of a Homes Warehousing Agent that will purchase the completed housing units from the developers.”

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