Nigeria to launch mass housing scheme; targets 400,000 homes | Nigeria News Today. Your online Nigerian Newspaper


The finance minister, Kemi Adeosun, has said that the N500 billion new housing fund approved by the National Executive Council last week would stimulate economic activities and return the economy to the path of growth.

Mrs. Adeosun, who fielded questions from some journalists in her office at the weekend, said a mass housing scheme that would make Nigerians become homeowners under a mortgage arrangement, would commence in the next three to four weeks.

She said under the initiative known as the “Family Home Fund”, N500 billion had been earmarked to create mortgages for affordable houses for Nigerians, starting with the construction of 100,000 houses annually from next year.

According to her, the housing fund is expected to increase from N500 billion to N1 trillion to make it possible for the government, through the private sector, to deliver about 400,000 houses annually through mortgages.

The mortgage, according to her, will be created at a single digit interest rate of 9.99 per cent payable in 20 years, with homeowners making an initial deposit of 10 per cent.

She said the low and middle-income earners would benefit more from the scheme as about 70 per cent of the houses would be given out for between N2.5 million and N4.5 million depending on the type.

Mrs. Adeosun said, “We have done a lot of work around how we can bring down the cost. The tag is N2.5 million and it is a house you can move into. So, we are bringing down the cost.

“These are affordable houses for Nigerians; the scheme is going to be linked with the BVN. One house per person; so, you cannot buy the house and rent it to somebody else.”

Post a Comment Default Disqus

  1. Una don start again when una campaign promises still de repete. Tomorrow una go say na Lord Lugard cause no be Jonathan again. So una go sell key national asset to build for people already decimated by hunger malnutrition hardship and hopelessness abi? See contradiction. It shows that this APC led government is incompetent clueless confused deceitful sadistic clannish and useless. Hunger and starvation knows no sentiment of party clan or creed.
    Apc! Kworshiokor change!
    Change dole!
    Sai Baba!

  2. If selling the assets that i have never benefited or profited from means i become a home owner, then please go ahead.

  3. Isiaka please be positive and sure you can eat the good of Nigeria.

  4. Them go sell d houses to dem selves. There u go see 1 senator get 50 apartments. Governor get 100 etc. And the thiev*s say na for common man.

  5. What i don't understand is why can't I get a mortgage at 10%. What is being offered to the public is 22% which is unaffordable.


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