By Jeph Ajobaju, Chief Copy Editor
Yemi Osinbajo says the Social Housing Scheme of the Economic Sustainability Plan (ESP) has created thousands of jobs through the use of local building materials and provided 1,151.689 hectares of land to build homes.
“The target is to build 300,000 houses. This has the capacity to accommodate a further 34,550 homes.
“The Programme is being funded by a mix of resources, including financing from the Federal Ministry of Finance, and a loan from the Central Bank under the ESP,” the Vice President said at the ministerial retreat in Abuja.
“Buyers have a window of at least 15 years to pay for their homes. The design is to build two-bedroom homes costing not more than N2 million, N3.75 million for a three-room unit, and N4.25 for a four-room unit.
“At the moment, 4,700 homes have been approved in seven states for financing for commencement in October. 5,400 are scheduled for November 2021.”
Funds disbursement
Osinbajo said progress has been much slower than envisaged, citing delays in disbursement of funds from the Central Bank of Nigeria (CBN), per Nairametrics.
He disclosed that the debenture agreement for N200 billion with the CBN, the bulk of the financing, was agreed in April and has been signed by all parties.
And he cited delays in Solar Power Naija and ESP Solar Electrification Programme, also designed to create jobs, develop a local solar industry, and provide electricity for five million households in off-grid, under-served communities.
This would bring energy access to 25 million Nigerians, he said, but that five million Solar Connections target is being delayed because while N140 billion was allocated through the CBN to facilitate it, only N7 billion has been disbursed.
“It will include the assembly or manufacturing of components of off-grid solutions to facilitate growth of the local manufacturing industry, while the use of local content will be encouraged. It will create in all 250,000 new jobs in the energy sector.”
Focus on non-oil revenue
President Muhammadu Buhari in June praised Nigeria’s effort in exiting recession, citing the execution of the ESP launched to tackle the effects of the pandemic on the economy.
“The Economic Sustainability Plan, our plan for the covid pandemic, is currently being executed, the plan is primarily focused on the non-oil sector which has recorded phenomenal growth, contributing over 90 per cent to GDP growth in q1 2021,” he said.
He added that although marginal, Nigeria recorded GDP growth over two quarters, evidence of successful execution of the ESP, which seeks to
- Identify fiscal measures to enhance distributable oil and gas revenue
- Increase non-oil revenues
- Reduce non-essential spending
- Proposes monetary policy measures
- Provide a fiscal/monetary stimulus package
- Provide support for private businesses
- Provide mass housing strategy
- Create 1.8 million jobs
Other job creation plans floated by Abuja include
- Solar power scheme – 250,000 jobs
- Digital economy – one million jobs
- National Gas Expansion Programme – one million jobs