The Federal Government has disclosed plans to raise a fund worth N1 trillion, in conjunction with private investors, to finance mortgages for low-income earners, under the social housing programme of the present administration.

Vice President Yemi Osinbajo made this disclosure at the 22nd Nigeria Economic Summit in Abuja. He said it is a financial intervention fund, to be named Family Homes Fund, that would be generated by aggregating funds from the private sector, local and international investors.

“It’s actually a financial intervention fund. Already we are trying to aggregate funds from the private sector, local and international investors,” he said.

Osinbajo explained that the the Fund would help government intervene in mortgage financing for developers to build social houses according to government specification for low income earners in the country. He said any Nigerian who can afford to contribute N30, 000 a month would be able to own a house under the federal government social housing programme.

“The idea is that any Nigerian who earns at least N30,000 ought to be able to own a home,” he said, adding that the developers would be able to use the mortgages raised by the fund to build affordable housing. He gave no more details.

The housing scheme is part of projects initiated by the jobs creation unit of the VP’s office to create employment opportunities for young Nigerians. The vice president said about nine states have either given land or about to issue certificates of occupancy for land allocated for the social housing scheme.

He said that government foresees huge job creation opportunities for brick and tile layers, technicians, engineers, and the whole spectrum of jobs in the construction industry.

In his contribution, Chairman, Dangote Group, Aliko Dangote, said he was discussing with the government on how to partner with the Cement Institute of Nigeria to utilise his offer of about N15 billion to train artisans, technicians, block makers, plumbers and carpenters.