1.5m families to own low income houses under ESP

At least 1.5 million Nigerian families are to benefit from the Federal Government’s plan to provide low income houses under the National Economic Sustainability Plan (ESP).

Members of the Economic Sustainability Committee working on the project on Monday said the Muhammadu Buhari Administration would be providing mortgage loan guarantees to low income earners on low interest and collateral free basis.

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They said this was to ensure that the 300,000 housing units plan as part of the ESP was delivered to the intended target.

The ESC members said the implementation of the social housing plan estimated to cost over N400 billion is expected to kick off next week as early sites for the housing projects have now been identified.

They said the committee had already approved the plan to ensure that the 1, 2 and 3 bedroom units cost as little as between N1.8 to N2m; while financial assistance would be available for Nigerians to pay the mortgage.

Earlier in June, the Federal Executive Council approved N2.3trn economic stimulus package after the Vice President Yemi Osinbajo-led ESC submitted its report.

The president then directed the VP to supervise the implementation of the programme.