Estimated Reading Time: 1
The Central Bank of Nigeria (CBN) has approved N200 billion as mortgage finance loan to Family Homes Fund (FHF) targeted at low-income earners.
A statement on the bank’s website on Tuesday, revealed that the money will be used to build 300,000 homes in all states and the Federal Capital Territory (FCT) and is expected to generate about 1.5 million jobs in five years.
“The programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with direct impact on health, education and economic outcomes,” the bank explained.
“Most of these would currently live in informal settlements with shared facilities in unsanitary environments. Towards targeting people on low-income level across the country.”
To conserve foreign exchange, the CBN disclosed that the buildings will be constructed using about 90 per cent of locally sourced materials.
“In that regard, the programme will deliberately aim to revitalize local
manufacture of construction materials including doors and windows,
ironmongery, sanitary fittings, concrete products, tiles, glass, electrical
fittings/fixtures and bricks etc,” it added.
“For example, it is estimated that the programme will require up to 1.7m doors, 7m door hinges and locks etc.”
Beneficiaries are expected to pay an interest rate of not more than 5.0% p.a. (all-inclusive).
The Framework shall be subject to review from time to time as may be deemed necessary, the bank stated
- Anambra lawmakers take compulsory COVID-19 tests
- Help APC tackle online critics – Umahi charges new Caretaker committee
- Selling public assets will boost the economy – Finance Minister
- We reduced the number of out of school children from 10.1 million in 2019 to 6.9 million in 2020 – Education Minister
- COVID-19: African countries are left behind by developed nations in the race for vaccines – WHO
- FAAC shares N619.343Billion between FG, States and LGAs
- COVID-19: Nigerian Governors dissociate from Yahaya Bello’s anti-vaccine statements
- Health workers and senior political leaders to receive Nigeria’s first COVID-19 vaccine doses in February
- Nigerians spend more money because government does not provide basic amenities – Akinwunwi Adesina
- EndSARS: Police apologize for the excesses of officers during protests