Nigeria to launch mass housing scheme; targets 400,000 homes

Festac town Lagos
Festac town Lagos

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.”


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  • Rommel

    God bless this administration and may God bless Nigeria.

    • vagabonds in power

      Snr Ibo manu——–the first set of Houses would be erected in Enugu———–with the aid of the cowhands chasing farmers in the south east———

      • Rommel

        We will appreciate it wherever they chose to start,Nigerians did not see any use for the $300 billion oil boom money made under president Jonathan and his world bank coordinating minister for economy Ngozi Okonjo Iweala.

      • YOMBO

        You are truly a vagabond!

  • vagabonds in power

    Shocking confession by Musa Abdullah on Biafra, N’Delta* As Received (11/SEP/2016) Good Evening Biafrans, My name is Musa Abdullah from Kano state. I studied at Lagos state University and presently working with Kano University of Science and Technology, Wudil. Due to my education, I have been enlightened as to the happenings in Nigeria. We in the North voted for Buhari because he is our brother. We wanted power to return to the North. We knew he cannot fix anything in Nigeria. In our mosques, they always taught us to make sure we remove that infidel call Jonathan. We were meant to hate Jonathan with our spirit, soul and body. Infact, Igbos living in the North were very very lucky. They escaped death by the whiskers through the victory of Baba. Had Baba lost, my brothers where already on standby waiting for instructions to lynch any pig from the South. I was personally in the situation room as things unfold. I felt for the Igbos then. I really pitied them. I knew that my brothers in the North had been brain washed but I dare not speak. I sighed in relief when Baba was declared the winner and my brothers where told to relax, that they should go to the streets and celebrate. That was how the bloodshed was averted to the glory of Allah. I knew something was really wrong with my brothers. Kano gave Buhari the highest vote. It was massively rigged in his favour. That was why the INEC officer in charge of Kano was burnt alive with his family after the election to cover up the rigging. I wept for my people. Now what are we seeing? Baba has abandoned us. My brothers in the North are dying every day of hunger. Prices of things are so high, we can’t even eat three square meal a day. My Northern Elders are not worried. They are only after power remaining in the North. Not only that, my concern now is what is about to come. They have already planned on how to deal with the Niger Deltans. Of course you are aware that all the military personnel and weapons have been deployed in Niger Delta to kill Ijaws.

    • Rommel

      So in the name of whipping up ethnic sentiments and hatred,you are now calling your own people pig,aren’t you ashamed of yourself?

    • Saydo Shan

      That statement attributed to Musa Abdullahi is just a cheap contrived lie. Anyone can see through it. And the so-called Musa Abdullahi is anybody else, but not any Musa Abdullahi, if you can simply decipher what I am saying.

  • Abdulmojeed Nojeemdeen

    Hello wailers,oya oo ya food don don. It is time to cry.

  • Abah of Ipolo

    First, we must learn from history. Safari built and they are still in ruins. El-rufai did it for FCTA civil servants and it was A GREAT AND TRANSPARENT SUCCESS. Invite El-rufai and the team (Omaha’s) he used to handle the project. The alternative is to give out the fund as loans to civil servants.