Nigerians To Become Landlords With N2m Under ESP Scheme – FG

proffessor Yemi Osinbajo
Vice President Yemi Osinbajo

The Federal Government has revealed that Nigerians will now be able to acquire houses built by the government for as low as N2 million, as the housing scheme of the Economic Sustainability Plan (ESP) kicks off.

The initiative, according to the FG, is a bold response by the Buhari-led administration to tackle the adverse economic and health challenges faced by Nigerians due to the global pandemic.

According to a statement shared by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, on Sunday, the FG plans to build 300,000 affordable houses for Nigerians which will commence this week.

The houses will be built under the Social Housing element of the government’s Economic Sustainability Plan.

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Laolu said about 20 states including FCT have indicated interest in joining the housing plan.

“This week, the portal to invite Nigerians interested either as beneficiaries of the Social Housing or as delivery partners would be launched by the Family Homes Fund, the Federal Government agency designated to implement the scheme,” he said.

He further stated that the state governments and the Federal Capital Territory that have expressed interest and support in the programme have offered free land for the constructions of the houses, adding that the scheme will provide houses at low prices between N1.8 million and N2 million.

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Laolu listed Osun, Ogun, Enugu, Delta, Bauchi, Kebbi, Nasarawa, Plateau, and the FCT as states that have already shown interest in the scheme.

He said the first set of construction sites have been indicated in the named states.

He added, “There are also others like Abia, Anambra, Ebonyi, Imo, Cross River, Sokoto, Kaduna, Zamfara, Katsina, Borno and Yobe States that are now working towards joining in a similar vein.

“Under the ESP Social Housing Plan, 300,000 low-cost houses would by itself create 1.8 million jobs in the housing sector and beyond, while as indicated under the ESP approved by the President and the Federal Executive Council, the Central Bank of Nigeria has now committed N200 billion facility for the Social Housing Plan.”

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The housing plan according to Laolu has one-bedroom, two-bedroom and three-bedroom units and will all be sold at low prices to Nigerians.

The one-bedroom unit will cost between N1.8 million and N2 million, while financial assistance would be available for Nigerians to pay the mortgage through loans at low-interest rates.

Financing will be arranged through the designation of a Home’s Warehousing Agent that will purchase the completed housing units from the developers.

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