CBN Approves N200bn Housing-Loan, Targets 900,000 Low-Income Earners, Children
The Central Bank of Nigeria (CBN) on Tuesday okayed N200 billion as mortgage finance loan to
Family Homes Fund (FHF) targeted at low-income earners.
A statement on the apex bank’s website indicated that the money will be used to build 300,000 homes in all states and the Federal Capital Territory (FCT) and is expected to generate about 1.5 million jobs in five years.
CBN Approves N200bn Housing-Loan
“The program will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income
with a direct impact on health, education, and economic outcomes,” the bank explained.
“Most of these would currently live in informal settlements with shared facilities in unsanitary environments.
Towards targeting people on low-income level across the country.”
To conserve foreign exchange, the CBN disclosed that the buildings will be constructed using
90 percent of locally sourced materials.
“In that regard, the program will deliberately aim to revitalize local manufacture of construction materials
including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical
fittings/fixtures and bricks etc,” it added.