The Central Bank of Nigeria (CBN) is committing a N200 billion facility for the take-off of Federal Government’s social housing scheme, called Family Homes Funds (FHF), it was learnt on Sunday.
The scheme, which is designed to provide low-budget housing for 300,000 Nigerian families, is part of the Economic Sustainability Plan (ESP), a Federal Government’s COVID-19 response programme, headed by Vice-President Yemi Osinbajo (SAN).
The Senior Special Assistant to the President on Media and Publicity in the Office of the Vice-President, Mr. Laolu Akande, announced this in Abuja in an update he shared with the media.
He said 20 states, including the Federal Capital Territory (FCT), had indicated interest in the scheme.
![[FILES] People buy and sell food at the Illaje market, in Bariga, Lagos, on June 29, 2021. – Since the start of the pandemic in 2019, food prices have risen by an average of more than 22%, according to official statistics, and feeding a family properly has become a daily challenge. (Photo by Benson Ibeabuchi / AFP)](https://www.afriupdate.com/wp-content/uploads/2021/07/000_9DN3NE-974x649-1-120x86.jpg "Why food prices are rising, by farmers 3")
In June 2020, President Muhammadu Buhari approved N2.3 trillion for the ESP, which was a product of the Osinbajo-led Economic Sustainability Committee (ESC).
In the update, Akande said the social housing project would provide jobs for about 1.8 million Nigerians, adding that it would also use the services of established developers and young small-medium scale professional contractors, comprising architects, engineers, quantity surveyors, accountants, among others.
“The Federal Government social housing scheme is one of the planned schemes, under the ESP, targeted at providing 300,000 low-income houses and creating 1.8 million jobs in the process.
“To achieve these goals, the Family Homes Funds has been appointed as the implementing agency for this initiative and it will construct 300,000 housing units across the country.
“To kick-start the social housing projects, the CBN has already committed a N200 billion facility and most of the sites where the housing project will commence have already been identified across various geo-political zones by the Federal Government.
“The early start sites include those in Osun and Ogun in the Southwest; Enugu in the Southeast; Delta, in the Southsouth; Bauchi in the Northeast; Kebbi in the Northwest; Nasarawa and Plateau in the Northcentral; and a number of sites in Abuja.
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