The acting President, Yemi Osinbajo, says the Federal Government has earmarked N100 billion for the Family Home Fund under its Social Investment Programme (SIP).
He stated this at the “2nd year commemorative event of the federal government of Nigeria under President Muhammadu Buhari’’ showcasing the achievements of the SIP, in Abuja.
At the event, also titled “A Smile For Every Nigerian,’’ Osinbajo stated that the fund is an aspect of the SIP that was not mentioned.
“There is also an aspect of this SIP that has not be mentioned; this is N100bn set aside for the Family Home Fund, our Social Housing Project.
The N100bn is a yearly contribution to our N1trn Social Housing fund. This is the largest in the history of the country.
The World Bank, AfDB, are contributors to the fund.
From this fund developers of real estates for social housing will borrow 80 per cent of cost of project and counter fund with their own 20 per cent.
The same fund will enable us to provide inexpensive mortgages for hundreds of thousands across the country who wants to own homes on their own.
Anyone who can afford N30,000 a month will be able to buy a home under our new social housing fund scheme,’’ he said.
According to him, the Family Home Fund is expected to start immediately and rapidly expand construction across the country.
Osinbajo stated that SIP is clearly one of the largest social intervention efforts anywhere in the world.
According to him, it is complicated and diverse in scale and scope.
He, however, expressed the government’s pride in the men and women led by the SA on Social Investments, Maryam Uwais, who he said, had dedicated so much time, resources and energy to deliver on it.
The acting president reacted to the praises made about SIP from the beneficiaries and said they deserved it.
“We do not consider that this programme is a favour that is done to you. It is not. You deserve this programme because you are citizens of this country; this country can provide and we will provide for all those who need the help,’’ he said.
