Acting President Yemi Osinbajo on Monday said Nigerians would soon be able to afford to own a home with just N30,000.
The acting president said this would be possible due to the N100 billion about to be sunk into the social housing scheme by the administration.
Osinbajo, speaking at an event tagged “A Smile For Every Nigerian”, said the scheme is a part of the massive social intervention programme which the current administration has already embarked on.
“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.”