A Housing Estate in Nigeria

Any Nigerian who earn an income of N30,000 (Thirty Thousand Naira ) and above can afford to own a home under the N100 billion social housing scheme of the present government led by President Muhammadu Buhari but presently driven by Acting President Prof Osinbajo.

The Acting President revealed this heartwarming news at the banquet hall of the Presidential Villa in Abuja on Monday at an event tagged “A Smile for every Nigerian” organised to mark the present administration second year in office.

According to Osinbajo “This is N100 billion set aside for the Family Home Fund, our Social Housing Project. The 100 billion is a yearly contribution to our N1 trillion Social Housing Fund, the largest in the history of the country. The World Bank and the African Development Bank are contributors to the fund. From this fund, developers will borrow 80% of the cost of the project and counter fund with their own 20%.

Acting President Osinbajo

“The same fund will enable us to promote inexpensive mortgages for hundreds of thousands across the country who wants to own homes. Anyone who can afford N30, 000 will be able to buy a home under our new social housing fund scheme. Already, the project has started in 11 States. We expect that this family housing fund will jumpstart and expand construction exponentially across the country”

The acting president lamented the slow growth of employment in the economy despite an increase in the GDP of the country. The growth in GDP has not translated to increase in jobs thereby leading to increase poverty.

Shanties in a Nigerian Town

The slow increase in job opportunities reasoned the Acting President is impacting negatively on the living standards of Nigerians as relate to the fast population growth rate of her citizens. The disparity in growth is because of the oil sector which is capital intensive as against labour intensive. While the growth of 7% was recorded because of high oil prices unemployment figures grew, he submitted.

The Acting President further revealed that the APC government of the present administration is set to intervene massively with social development programmes that would confront headlong widespread poverty and exclusion across the country.