The Federal Government has pledged to stimulate the economy through the provision of affordable homes and mortgage plans.
The Minister of Works and Housing, Babatunde Fashola, made this known during a media briefing recently.
He disclosed that no fewer than 6,022 housing units were under construction nationwide under the National Housing Programme with a total of 2,382 housing units currently built by the Federal Housing Authority from January 2022 to date.
The minister also noted that the Federal Mortgage Bank of Nigeria had reduced equity contribution from five to zero per cent for those seeking mortgage loans of up to N5 million and 15 to 10 percent reduction for persons seeking loans of over N5 million.
He said, “National Housing Programme was initiated by the Ministry of Works and Housing at the onset of the Muhammadu Buhari-led administration with affordability and accessibility as key considerations.
“Under the National Housing Programme, the Federal Government is undertaking a total of 6,022 housing units in 46 sites across the country. In 35 states, including the FCT, 2,864 housing units had been completed. In all, 1,245 building contractors were engaged in the project.
“Also, the Federal Housing Authority has a total of 2,382 housing units under construction from January 2022 till date. Out of this number, a total of 1,462 housing units have so far been delivered in 7 sites across the nation.
“While providing these houses, and the construction process associated with it, jobs in the construction value chain translating into 46,420 employments for Nigerians were created.
“In the course of providing these houses, and the construction process associated with it, jobs in the construction value chain translating into 46,420 employments for Nigerians were created.
“Apart from stimulating the economies of the 35 states and the FCT in the communities where work is being undertaken for the construction of houses, by providing work for artisans, builders, engineers, and other skilled persons in the building industry, the construction sites have been and remained centres of supply for building materials and other commodities.
“It is promoting inclusivity and leaving no one behind because many people who hitherto were unemployed have had their dignity restored as they could leave home every day for gainful employment.