Categories: BusinessOn the GoTop Stories

Adeosun: Affordable housing is critical to delivering on Nigeria’s economic plan

Kemi Adeosun, minister of finance, says the executive has requested for N100 billion as seed funding for affordbale housing in the country for the year 2017 alone.

Speaking at the International Monetary Fund meetings in Washington on Saturday, Adeosun said “delivering affordable housing is critical to the delivery” of Nigeria’s reform agenda.

Nigeria has an estimated housing deficit of 17 million units, which is expected to increase by 900,000 annually.

“Some of the reasons for this are clear. Interest rates are high for both developers and home buyers, and the tenure of debt remains too short,” Adeosun said.

“As a result, we have to find a way to accelerate the provision of affordable homes. That is why we have established the Family Homes Fund.

“We have requested N100 billion in the 2017 budget and for the subsequent three years as part of the Medium Term Expenditure Framework (MTEF), this is seed funding from the government, but this is not solely a public sector scheme, it will be a partnership with the private sector and we are looking to mobilise additional resources from domestic and external sources.

“The Fund will enable us to deliver discounted mortgages for home owners, while also enabling access to attractive funding mechanisms for developers. We are piloting in 6 states and the results of those pilots will guide long term programme implementation.”

While attending a number of meeting in Washington, Adeosun reiterated the drive for implementation of some of the critical projects in the Economic Recovery and Growth Plan (ERGP) including meetings on housing, water, power and food security.

“Many of these projects are already well advanced and we have had a series of productive meetings in Washington with development partners to advance those projects and hopefully accelerate implementation so we can meet the ambitious but achievable goals we have set ourselves,” she added.

Recent Posts

  • Business
  • On the Go

Forex traders: Nigerians ignored the warning signs about MMM

Forex traders working with Rally Trade says Nigerians fell for Mavrodi Mundial Moneybox, a ponzi scheme popularly called MMM, because…

52 mins ago
  • On the Go
  • The Nation

Buhari’s ministerial list is stagnant, says PDP

The Peoples Democratic Party (PDP) says the ministerial list of President Muhammadu Buhari is an indication there is no hope…

54 mins ago
  • Your Say

All the times I died — and why I am still alive

BY CHUKKY IBE There are a few things strong enough to rip fan-yogo out of my hand. Death is on…

57 mins ago
  • Development Cable

JCI Nigeria partners orporate bodies, others on youth empowerment

President of Junior Chamber International (JCI) Nigeria, Adetola Juyitan, has expressed the commitment of the organization to continue to partner…

1 hour ago
  • Your Say

NTIC: The reward for hard work

BY JOSHUA OCHEJA In Nigeria, a lot has been said about the quality of education as not meeting up to…

1 hour ago
  • On the Go
  • The Nation

Eight former governors, six ex-senators on ministerial list

Eight former governors and six ex-senators are among the 43 ministerial nominees whose names were sent to the senate for…

2 hours ago