Among the component is to support 1.5 million Nigerians to acquire low-cost houses under the SHP
In line with the Federal Government’s Economic Sustainability Plan (ESP), the Federal Mortgage Bank of Nigeria (FMBN) plans to invest over N40 billion ($0.096 billion) to deliver the construction of 5,000 housing units in 12 months.
Under the scheme, intended beneficiaries are Nigeria Police, public servants in the Federal Integrated Staff Housing (FISH) and Federal Ministry of Interior (fire service, correctional service, Nigeria Security and Civil Defence Corps (NSCDC) and Nigeria Centre for Disease Control (NCDC).
Already, N9 billion ($0.022 billion) has been approved for Nigeria Police (1,250 units), N6 billion ($0.014 billion) for FISH programme (1,153) and N19 billion ($0.046 billion) for Federal Ministry of Interior (2,032).
President Muhammadu Buhari, set up the Economic Sustainability Committee (ESC) in March 2020, chaired by Vice President Yemi Osinbajo to develop an economic sustainability plan to last until 2023.
Among the component is to support 1.5 million Nigerians to acquire low-cost houses under the Social Housing Programme (SHP) and the portal for application by prospective beneficiaries was launched in December 2020, alongside the prototype one-bedroom and two-bedroom units.
The plan is to have a Rent-to-Own Option as part of Federal Government’s resolve to impact the common man in the social housing scheme expected to also generate 1.8 million jobs and deliver houses to about 1.5 million Nigerian families. Sites for projects were identified in all the six geo-political zones, including the Federal capital territory.
Location for the scheme included Ekiti and Ogun in the South-West, Enugu and Abia in the South-East, Delta and Edo in the South-South, Yobe and Bauchi in the North-East, Kaduna and Katsina in the North-West and Nasarawa and Plateau in the North-Central as well as Abuja.
Osinbajo said earlier this year that the Central Bank of Nigeria (CBN) has already committed an N200 billion ($0.48 billion) facility to kick-start the social housing projects, with a guarantee by the Federal Government via the Finance Ministry.
