The Federal Government said it is planning to partner with private investors to raise a fund of N1 trillion to finance mortgages for low-income earners, under the social housing programme.
This was made known by the Vice President, Prof Yemi Osinbajo at the 22nd Nigeria Economic Summit in Abuja, as he added that the name of the scheme will be termed Family Homes Fund.
“It’s actually a financial intervention fund. Already we are trying to aggregate funds from the private sector, local and international investors,” he said.
He said the Fund would serve as an intervention from government in mortgage financing for developers to build social houses according to government specification for low income earners in the country.
“The idea is that any Nigerian who earns at least N30,000 ought to be able to own a home,” he said, adding that the developers would be able to use the mortgages raised by the fund to build affordable housing.