The Presidency on Tuesday said the cost of the houses the Federal Government was planning for Nigerians under its Family Home Fund could be as low as N2.5m.

The Senior Special Assistant to the Acting President on Media and Publicity, Mr. Laolu Akande, disclosed this in a statement in Abuja.

Akande was giving further insight into the scheme which the Acting President, Yemi Osinbajo, referred to in his nationwide broadcast to mark the second anniversary of the Muhammadu Buhari administration and at another forum on Monday.

He said the N100bn Family Home Fund, which is an initiative of the Federal Government’s social housing project, would provide inexpensive mortgages to Nigerians who could afford N30, 000 per month.

Akande said the project had already started in 11 states.

He quoted Osinbajo as saying that the N100bn was a yearly contribution to the N1tn Social Housing Fund, which he described as the largest in the history of the country.

“Both the World Bank and AFDB are contributors to the fund from which developers will borrow 80 per cent of cost of project and counter-fund with their own 20 per cent.

“The same fund will enable us to provide inexpensive mortgages for hundreds of thousands across the country especially for Nigerians who can afford N30, 000 per month.

“We expect that this Family Housing Fund will jump-start and expand construction exponentially across the country,” he quoted the Acting President as saying.