Vice president, Yemi Osinbajo, has disclosed that, under the Social Housing Scheme of the Economic Sustainability Plan(ESP), thousands of jobs have been created with the use of local building materials in the country.
The vice president announced this last week, at the two-day Mid-Term Ministerial Performance Review retreat, presided over by President Muhammadu Buhari, where the vice president delivered the progress report on the ESP implementation.
Osinbajo said the social housing scheme has so far seen 1,151.689 hectares of land been made ready for development, adding that, the target is to build 300,000 houses that can accommodate a further 34,550 homes.
He maintained that the program is being funded by a mix of resources, including financing from the Federal Ministry of Finance, and a loan from the Central Bank under the ESP.
“Buyers have a window of at least 15 years to pay for their homes. The design is to build two-bedroom homes costing not more than N2 million, N3.75 million for a three-room unit, and N4.25 for a four-room unit.
“At the moment, 4,700 homes have been approved in 7 States for financing for commencement in October. 5,400 are scheduled for November 2021,” he added.
He highlighted continuing delays in the disbursement of funds from the CBN, stating that, the debenture agreement for the sum of N200 billion with CBN, which represents the bulk of the financing, was agreed in April and has been signed by all.
Ada Peter
