The government of Nigeria has approved US $27m loan for construction of affordable houses in Adamawa State. The state Governor Ahmadu Fintiri made the announcement and said the approval followed the reading of the letter of request from the governor by the Speaker, Alhaji Aminu Iya-Abbas at the Monday plenary.
The loan will be secured from Family Homes Funds Limited (FHFL) and will be used to finance construction of 2,000 housing units for civil servants across the state. According to the governor of Adamawa, the loan is collectible in twelve years with 5 years moratorium.
1,300 of the units would be in Malkohi in Yola South LGA, 400 in Jimeta in Yola North LGA, and 300 in Mubi, Mubi LGA of the state. The housing units will be endowed with magnificent fashionable facilities of various kinds like hospitals, schools, recreational centres, shopping malls among others.
Upon completion of the units, the corporate will partner with the authorities to supply mortgage to civil servants, to enable them purchase the houses. This act is expected to boost house ownership of the civil servants within the state.
Minister of State, Works and Housing Abubakar Aliyu said that his administration decided to support the project to address accommodation problem in the state and the Federal Government’s target is to cut the 20 million housing deficit in the country by 2033.
“The issue of housing cannot be over emphasized due to the importance of it to humanity and we as a government wants to let the people know that we are committed to ensure decent houses are provided and accommodated by our people and Nigerians from far and near,” said Abubakar.
FHF is a Nigerian government initiative set up last year as a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority as founding shareholders to provide affordable housing for millions of Nigerians in low to medium-income groups.