FG to raise N800m for mass housing

Femi Adewole, managing director (MD) of Family Homes Funds (FHF), says the federal government is targeting over $800 million in a bid to provide mass housing for Nigerians.

Adewole said this on Tuesday while speaking at the launch of Real Estate Developers Association of Nigeria house (REDAN) in Abuja.

The FHF is a N1 trillion scheme introduced by the President Muhammadu Buhari administration to provide housing for low and middle-income earners.

The scheme has ministry of finance as one of its sponsors.

Speaking at the event, the MD said government is seeking the support of World Bank and Africa Development Bank (AFDB) to finance the project.

With the help of the development partners, Adewole said government would be able to deliver about 200 houses by December.

“We have to raise about N800 million to provide mass housing at the rate of N1.5 to N2 million each,” he said.

“We are talking to a lot of development partners like the World Bank, African Development Bank (AFDB) to house over 500, 000 Nigerians.”

Also speaking, Ugochukukwu Chime, president of REDAN, asked stakeholders in the housing sector to work towards achieving project feasibility, execution and closure.

Chime appealed to the government to simplify the requirements for Nigerians who are willing to participate in the scheme.

“It is our responsibility to work with stakeholders in the house sector to ensure that we move away from the learning curve to a higher pedestal of project feasibility, execution and closure,” he said.

“We seek to improve one’s capacity and knowledge.”