Presidency: N200bn social housing facility ready for disbursement

The Presidency says the N200 billion facility set aside for the social housing scheme is ready for disbursement.

Laolu Akande, senior special assistant on media and publicity to Vice-President Yemi Osinbajo, announced this in a statement, on Sunday, in Abuja.

The scheme launched under the National Social Housing Plan (NSHP) targets 300,000 houses across the country, targets low income earners is part of  government’s economic sustainability programme (ESP).

He said the fund to be released in tranches will help provide 1.8 million jobs and deliver houses to an estimated 1.5 million Nigerian families.

“Following the finalisation of the agreement with the Central Bank of Nigeria (CBN) on the N200 billion facility, the drawdown, with a guarantee from the Ministry of Finance, is now commencing to fund the housing project,” the statement read.

“The fund, which would be released in tranches, is expected to cover the NSHP project execution cost of the houses that would be constructed under the social housing project.

“Under the Social Housing Programme, the Federal Government plans to support 1.5 million Nigerians to acquire low-cost houses either through mortgage options or Rent to Own option.

“The scheme is expected to also generate 1.8 million jobs and deliver houses to about 1.5 million Nigerian families.”

Akande said more Nigerians have benefited from the ESP’s payroll support, artisan support track, transport track and free business names.

He added that for the general micro, small and medium enterprises (MSMEs) grants, about 44,500 successful beneficiaries had received the one-off grant payment of N50,000 each.

Akande said that the ESP’s Solar Naija programme, designed to provide access to electricity for five million households has also recorded some progress.

He said A-SOLAR, one of the local solar companies implementing some aspects of the ESP Solar Naija programme in the delivery of 100,000 units across the country, received some boost with the completion of the disbursement of funds from the CBN.

“The A-SOLAR transaction, which involves a guaranty by the Niger Delta Power Holding Company (NDPHC), has been completed,” he added.

“The disbursement from Sterling Bank to A-SOLAR is expected to be in tranches. The first tranche has been disbursed and the Letter of Credit for the importation of the first set of 30,000 systems is being finalised.

“Upon completion, about 30,000 solar systems are expected to be deployed to Kano, Edo, Delta, Kwara, Katsina and Cross River states, as part of the 100,000 units under the A-SOLAR arrangement.

“In the same vein, the Development Finance department of the CBN is finalising the approval of N20 billion to finance the downstream component of the programme to fund mini-grid and solar home system companies.

“Once the approval comes through, three companies will get direct disbursements from the CBN to commence their deployment.”