According to VicePesident Yemi Osibajo, plans are underway to ensure that affordable housing units for Nigerians are constructed.
“It is actually a financial intervention fund… Already we are trying o aggregate funds from the private sector, local and international investors. The idea is that any Nigerian who earns at least 30,000 Naira ought to be able to own a house.” the Vice President said.
The project is worth about $3.3 billion or N1 trillion. The funds, according to reports from Reuters, is coming as a financial intervention fund with officials saying that the country needs around 17 million new housing units if the chronic housing shortage is to be addressed in view of the expanding population.
It is hoped that the project would not suffer the same fate as he Federal Mortgage Bank project under the Jonathan administration, which although was announced, never took off operations.
A majo challenge that the present administration will have to tackle is paucity of funds, with low revenue threatening to derail the President’s plans to revive the economy.
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