N200 Billion Social Housing Facility Ready For Disbursement At A Rate Of 5% Per Year – FG

The Presidency has declared that the N200 billion facility set aside for the Federal Government Social Housing Scheme is available for disbursement, allowing the project to get underway.

This follows the signing of an agreement with the Central Bank of Nigeria (CBN) and a guarantee from the Federal Ministry of Finance for the project, which is intended to produce 1.8 million employment and provide housing to 1.5 million Nigerian families at a rate of 5% each year.

The information was revealed in a statement released by Laolu Akande, the Senior Special Assistant to the Vice President on Media and Publicity, on Sunday in Abuja.

The National Social Housing Program (NSHP), which is part of the Economic Sustainability Plan (ESP), has gotten a boost, according to the presidential adviser.

”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 beginning to fund the housing project,” Laolu Akande said in a statement.

The fund, which will be given in installments, is expected to pay the NSHP project execution cost of the social housing buildings that will be built.

The Federal Government intends to help 1.5 million Nigerians obtain low-cost housing through the Social Housing Programme, either through mortgages or Rent to Own options.

The program is anticipated to create 1.8 million jobs and provide housing to 1.5 million Nigerian families.”

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