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HDAN to FG: Why is N200bn housing loan not disbursed?

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2 years ago

Housing Development Advocacy Network (HDAN) has called the Federal Government to explain to members of the public why the Central Bank of Nigeria’s approved N200billion loan for the low-cost housing was yet to be released three years after

Housing Development Advocacy Network

(HDAN)’s Executive Director, Festus Adebayo, said the release for the housing sector intervention loan was signed since 2020.

He is of the opinion that the CBN’s Governor should tell Nigerians what is delaying the release of the funds.

He noted that the CBN had announced a N200 billion lifeline for mortgage financing, and to be made available to Family Homes Funds Limited in financing 300,000 homes for low-income earners across all the states and the Federal Capital Territory

However, Adebayo pointed out that three years down the line, nothing has been heard about the fund.

He is also calling on the incoming government to ensure that the fund is released to support social housing provision

The leading non-governmental advocacy group in a statement signed by Adebayo wondered why nothing has been heard since 2020.

He said “To the best of our knowledge the agreement for the release of this loan for the sector development has been signed since 2020 but till now the disbursement has not reached.any of the govt owned housing finance agency.

“We are concerned on why the approved loan has not been released three years after when all processes have been concluded.

“We demand from CBN’s Governor to tell nigerians what is delaying the release of the funds.

“We are also calling on the incoming government to ensure that this fund is released to support social housing provision

Adebayo recalled that just few weeks ago, President Joe Biden, announced the intervention of $73billion, about N53 trillion for affordable housing , calling on the Federal Government to show political will to develop the nation’s mortgage and housing sector.

While demanding for the release of the funds , he said the organisation is determined to follow up how the fund will be used at every stage.

“On this housing intervention loan, the CBN has said on its porter that “the programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with direct impact on health, education and economic outcomes.

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