The Nigerian Government through the National Social Housing Program has concluded plans to construct one thousand housing units in Cross River State, southern Nigeria.
The Managing Director of Family Homes Funds Limited, Femi Adewole, who visited Governor Ben Ayade in Government House Calabar, said the social housing programmes was promoted by the Economic Sustainability Committee in the office of the Vice President.
COVID-19 impact
Adewole told the governor that the scheme was inaugurated in October 2020 in response to the effects of COVID-19 on the economy and alleviate its impact on low income earners in the country.
Explaining that the one thousand houses would be developed in phases, Adewole said “by its nature, this program is targeted at Nigerians on very low income with the directive from the committee that the houses should cost no more than two million naira and that is basically to ensure that it is affordable to civil servants who are earning the minimum wage.”
He further explained that the Nigerian Government was funding the project “under a 200 Billion naira debenture deed between the Family Homes Funds and the Central Bank of Nigeria with the beneficiaries expected to pay for their houses over a 15-year period on a minimum.
“If you work that out for the two million naira house, it will give you just under nine thousand naira monthly repayment schedule and that meets the affordability criteria,” he pointed out.
Equitable distribution
Adewole disclosed that already three local government areas were selected, one in each of the three senatorial districts in Cross River State for equitable distribution.
“Three sites have been identified in Cross River State and they are Odukpani (south), Ikom (central) and Ogoja (north); and the designs for all of these and the documentations have now been completed. We expect to finalize the funding by the end of this month with a prospective groundbreaking at a date to be agreed on,” the Managing Director stressed.
“Having done the social housing, we are also making provisions for commercial spaces, green areas and parks and that has reduced the number across the three sites for the social housing to a total of 886 units which is slightly short of the 1000 target,” he stated.
Good news
Excited over the development, the governor, Professor Ayade expressed appreciation to the Nigerian Government for choosing the state for the pilot.
Ayade said, “I know the board of Family Homes Funds will definitely give the final approval on the 24th, which is next week Tuesday. So, I cannot wait to have the good news.”
He raised concern over the number of housing units to be built in the state, arguing “I am worried about the 886 units when we have about 15,000 people already interested. I think that 886 is such a small number for Cross River State with a population of 4.2m people.”
The governor also expressed concern over the quality of the buildings and urged, “we must also be very sensitive to the quality of the houses even though we are desperate to keep the price at N2 million so as to avoid disasters in the future.”
He promised to collaborate with the company to enhance the quality of the social housing units at no cost to the company nor eventual beneficiaries.
Dominica Nwabufo
