Housing Development Advocacy Network, HDAN Thursday called for the release of the Central Bank of Nigeria’s N200 billion intervention loan for low cost housing across the country.
Besides, HDAN also seeks the Federal Government explanation for the delay in the release of the fund which was approved three years ago.
HDAN’s Executive Director, Festus Adebayo posited that the release for the housing sector intervention loan was signed since 2020.
The Central Bank of Nigeria (CBN) had announced a N200 billion mortgage finance for the country.
The loan which is to be made available to Family Homes Fund is targeted at building 300,000 homes for low-income earners across all the States and the Federal Capital Territory.
The implementation of the housing project, is also envisaged to generate about 1.5 million jobs in five years.
However, three years after nothing has been heard about about fund.
He said “To the best of our knowledge the agreement for the release of this loan for the sector development has been signed since 2020 but till now the disbursement has not reached.any of the govt owned housing finance agency.
“We are concerned on why the approved loan has not been released three years after when all processes have been concluded.
” We demand from CBN to tell nigerians what is delaying the release of the funds.
” We are also calling on the incoming govt to ensure that this fund is released.
Adebayo said just few weeks ago president Biden announced the intervention of 73bn USD that’s about 53 trillion Naira for affordable housing . That is About 5 times the entire Nigeria Budget. So when we’re crying about lack of affordable housing this is the problem.
“Today private sector are doing better than government agency in the area of housing .
“While demanding for the release of the funds , we are also determined to follow up how the fund will used at every stage.”
Adebayo further said, “The programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with 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.”
CBN had disclosed that the buildings will be constructed using about 90 per cent of locally sourced materials.
“In that regard, the programme 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.
“For example, it is estimated that the programme will require up to 1.7m doors, 7m door hinges and locks etc.”
Beneficiaries are expected to pay an interest rate of not more than 5.0% p.a. (all-inclusive).
