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| Acting President Yemi Osinbajo |
Acting President Yemi Osinbajo says under the N100 billion
social housing scheme of the present administration, anyone who can afford
N30,000 will be able to own a house.
He said this 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.
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.
"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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