BEVERLY HILLS, September 17, (THEWILL) – The Federal Government has agreed to provide enough funding for the execution of the Family Homes Funds for the next five years to meet the mass housing target set by the administration.
The government has authorised the board and management of the fund to source for more funds from third party institutions, such as development finance institutions and the capital market.
Finance Minister Mrs Zainab Ahmed broke the news on Monday in Abuja at the inauguration of the board of the Family Homes Funds but did not say how much the government will release for the mass housing project.
She said the Federal Government “established the Family Homes Funds for the provision of affordable homes for 500,000 low income Nigerians and the creation of 1.5 million jobs”.
This, she said, “is in realisation of the President Buhari administration’s goal of bridging the housing needs gap with the aim of promptly addressing the numerous demands for government interventions in the housing sector”.
The Finance Minister told the board members of the company that government “will require unusual commitment, uncommon focus, experience and determination to succeed. Without doubt, the Federal Government expects results, measurable ones at that”.
She added: “The Family Homes Fund will receive significant amounts of public money, in addition to other capital from development finance institutions and the capital market. It must, therefore, be a reliable steward of resource on your part.”