Nigeria plans to finance mortgages for low-income earners
The vice president says Nigeria plans to finance mortgages for low-income earners
Yemi Osinbajo the vice president of Nigeria on Tuesday said Nigeria plans to raise, with the help of private investors, a fund worth 1 trillion naira ($3.3 billion) to finance mortgages for low-income earners.“The idea is that any Nigerian who earns at least 30,000 naira 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.
Yemi Osinbajo explained at a business conference in Abuja that they are trying to aggregate funds from the private sector, local and international investors in order to complete this project.
The current president of Nigeria Muhammadu Buhari last year lauched a scheme to pay 5,000 naira a month to poor youth or university graduates who cannot find jobs. Muhammadu Buhari has decided to fight poverty at all cost. He also approved a record budget worth 6.6 trillion naira to triple capital expenditures and drag people out of poverty but a slump in vital oil revenues has hit hard public finances. ($1 = 304.0000 naira). And now there is a plan to finance mortgages for low-income earners according to what the vice president said.
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