Disclosing the flag of the project during a presentation to the state governor, Sir Ben Ayade in Calabar, Managing Director of Family Homes Funds Limited, Femi Adewole, said “the scheme is a new program that was instituted in October 2020 as one of the economic sustainability plans of the federal government in response to the effects of Covid-19.” By it’s nature, this program is targeted at Nigerians on very low income with the directive from the committee that the houses should cost no more than two million naira and that is basically to ensure that it is affordable to civil servants who are earning the minimum wage.”

The program will be funded under a two hundred billion naira debenture deed between the Family Homes Funds and the Central Bank of Nigeria with the beneficiaries expected to pay for their houses over a 15-year period as a minimum. And if you work that out for the two million naira house, it will give you just under nine thousand naira monthly repayment schedule and that meets the affordability criteria.”

Governor Ayade promised that “for us as a government, I will want to do something a little better than what you have offered and this will be at no extra cost to the beneficiaries but to the state because we want Cross River to be your extraordinary shining example. I know that a two million naira house will not be fitted, given the kind of rain fall pattern we have. And the reality is that for this house to last upto 15 years, you will definitely need state government support so you will see some certain modifications which will also help in facilitating repayments because the beneficiaries will be too happy with the quality.”

Source: FG, Cross River Set to Build 1000 Social Housing Units – Government of Cross River State, published unedited.