The Federal Government has so far disbursed N50 billion as a support loan facility to state governments, the Minister of Finance, Kemi Adeosun, disclosed this in her presentation to the National Economic Council (NEC) meeting yesterday.
She said the disbursement was still going on, adding that the balance in the Excess Crude Account stood at $2.453bn as at September 20, 2016.
Adeosun told the council that the government initially targeted N500bn to create a blended pool of long term funds to intervene in housing development finance and mortgage provision.
She said this was aimed at delivering family housing priced from as low as N2.5 million up to N18 million in a- ready-to-occupy condition with essential services (water and power connected), putting the delivery target at 400,000 to 500,000 housing units per annum.
According to her, the ultimate aim of the programme is to channel funds from savers to borrowers so that builders have the required capital to construct and prospective buyers can access credit to purchase.
She said the fund would attract low cost local and international capital including from domestic pension and insurance funds, federal government’s funding as well as contributions from state governments and other agencies.
The spokesman of the vice president, Laolu Akande, said the CBN governor and the Minister of Finance jointly made a presentation on the best options for managing the current floating forex policy.
