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Mass Housing to commence in 24 states in Nigeria

Babatunde Raji Fashola, minister of power, works and housing revealed on Friday, August 19 that 24 states have voluntarily given land to the government of the federation to start its mass housing project.

The minister made this known in Lagos at the inaugural edition of Real Estate and Housing Lecture organised by City People Magazine. The News Agency of Nigeria (NAN) gathered that the lecture was entitled: ‘Moving the Real Estate Sector Forward, My Thought, My Experience.’ “Twenty four states have given us the land that we require to start.” Fashola stated. The former Lagos state governor informed that policy framework for standards; capacity and knowledge of developers and financial power of people who need houses were important to finding a solution to low housing in Nigeria.

The minister pointed out that mortgage financing and government help through incentives were likewise the crux to providing cheap housing to the large population in the country.

Moreso, Fashola said the 2016 budget will provide several incentives. The minister stated that there was an allocation of N35 billion for housing in the 2016 budget and that the Buhari-led administration had both long and short term programmes on how to carry out the project. The minister who oversees three ministries said the current administration was examining the feasibility of mass housing initiative and if found effective, hopefully, more money would be provided in the 2017 budget.

“Our objective is to use this year’s budget, that N35 billion to prove the efficacy of this concept in the short term, and this concept can work.” Fashola  stated.

The former Lagos governor informed that countries like the United Kingdom and Singapore got results in real estate development with the help of government and the mortgage institutions.

Fashola urged developers to revisit the initiative of private hostels; an idea the minister said was adopted by religious organisations some years ago.

The minister cleared the air on questions raised by the major players, giving words of assurance that the administration of President Muhammadu Buhari will not renege on the quality of houses it will give to Nigerians

“We cannot and we will not compromise quality.” Fashola stressed.

The minister furthermore emphasized the need for so many people to sea the need to have their own houses, adding that, the same spread of money people use to pay rents of two years or more could be used to purchase their own houses through mortgage financing.

On Friday, August 19, Kemi Adeousn, minister of finance stated that the government of the federation was planning to pump about N60 billion for capital projects to drive the economy.

Source: NAIJ

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