According
to the Acting President of Nigeria Prof Yemi Osinbajo, anyone who can afford
N30,000 will be able to own a house under the N100 billion social housing
scheme of the present
administration.
He
said at the Banquet Hall of the Presidential Villa in Abuja on Monday at an
event tagged “A Smile for Every Nigerian” organised to commemorate the
administration’s second anniversary.The acting president explained that the
housing scheme was part of the administration’s social intervention prpgramme
that had not been mentioned.
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He
said: “This is 100bn set aside for the Family Home Fund our Social Housing
Project. The 100b is a yearly contribution to our N1trn 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 project and counter fund with their own 20%.
“The
same fund will enable us to provide inexpensive mortgages for hundreds of
thousands across the country who want 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 jump start and expand construction exponentially across the
country.”
Speaking
further, the acting president maintained that the Gross Domestic Product (GDP)
growth should translate to jobs.
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“First
the trickle down model has proved far too slow to stem the tide of poverty in
one of the fastest growing populations in the world. Secondly, most of the
growth was on account of the oil sector which is capital intensive
but not labour intensive.
“So,
while we were recording growth levels of 7% because of the high oil prices,
unemployment figures grew, the acting president stated.
He
sad in developing the APC manifesto and the economic development plans, the
administration knew it had to directly intervene with a massive social
investment programme that would tackle poverty and exclusion across the various
spectra.
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