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CBN to appoint Technical Advisor for its Family Home Funds September 23, 2020 in Money

The Central Bank of Nigeria (CBN) is set to appoint a Technical Advisor for its Family Home Funds (FHF).

The fund will be for the deployment of 300,000 homes in the 36 states of the federation and the Federal Capital Territory (FCT).

The apex bank will recommend for the release of funds, monitor the delivery of the programme and utilisation of funds, including quality of the portfolio.

The apex bank said funds would be released to FHF on project basis subject to the cumulative maximum limit of N200 billion.

The CBN said the programme is designed to utilise at least 90 per cent locally manufactured input and as a result conserve foreign exchange.

“In that regard the programme will deliberately aim to revitalise local manufacture of construction materials, including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks etc. For example, it is estimated that the programme will require up to 1.7 million doors, seven million door hinges and locks among others,”it said.

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