Nigeria: N200bn facility for social housing ready for disbursement —Presidency

The Federal Government’s Social Housing Scheme may be well on its way to commencement as the Presidency announced recently that the N200 billion facility earmarked for the project is ready for disbursement.

Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, disclosed this in a statement on Sunday, in Abuja.

Akande said the National Social Housing Programme (NSHP), under the Economic Sustainability Plan (ESP) received a further boost.

“Following the finalisation 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 commencing to fund the housing project.

“Under the Social Housing Programme, the Federal Government plans to support 1.5 million Nigerians to acquire low-cost houses either through mortgage options or Rent to Own option.

“The scheme is expected to also generate 1.8 million jobs and deliver houses to about 1.5 million Nigerian families”, Akande said.

Read Also: First Bank ranked 2nd most admired financial services brand in Africa