Acting President Yemi Osinbajo said the Federal Government is aiming to implement an N100 billion Family Home Fund, which provides inexpensive mortgages to Nigerians who can afford N30, 000 per month.
According to reports from the Vanguard, the Acting President first gave a hint of the scheme in his May 29 Democracy Day Broadcast.
He further elaborated later on it at the Social Investment Programme’s scorecard presentation organised as part of activities to mark the 2017 Democracy Day celebration.
According to him, “there is also an aspect of the SIP that has not been mentioned. This is N100 billion set aside for the Family Home Fund of our Social Housing Project.’’
Explaining the operation of the fund, Osinbajo said “the N100 billion is a yearly contribution to our N1 trillion Social Housing Fund, the largest in the history of the country.
He also added that the fund will allow the government provide inexpensive mortgages for hundreds of thousands across the country.
Some of the houses are estimated to cost as low as N2.5 million, which would be paid for with the monthly mortgages.