FG pledges to adopt new approach to bridge housing deficit

The Federal Government has pledged that it would be work towards adopting multi-pronged approaches to bridge the current housing deficit in the country.

Vice President, Prof. Yemi Osinbanjo said this in a goodwill message to the National House Fair organised by Bstan Homes and Properties, Abuja.

Osinbanjo said the move would complement efforts aimed at increasing the nation’s housing stock, adding that the ongoing National Housing Programme will lead to the construction of 5,000 houses, while the Federal Mortgage Bank of Nigeria would reduce equities below N5 million with zero per cent.

He stated that in line with the Federal Government’s Sustainability Plan, the Central Bank of Nigeria has recently approved the sum of N200 billion for 300,000 households as part of social housing units.

According to the Vice President, the Ministry of Works and Housing has introduced an affordable housing development and management initiative aimed at reducing the deficit through collaboration with public and private entities.

He declared that government would create a robust housing economy, and promote cooperatives, management of public buildings, as well as hostel accommodation.

He also revealed that the Federal Government would redeploy unoccupied houses for the rental scheme, or rent-to-own initiative, and remodel old buildings to modern needs, and urban renewal realities.

Government’s housing projects, he said will commence this October 2020 in Gwagwalada with the construction of about 2, 500 mixed housing units under a public-private partnership involving Family Homes Funds Limited and FMBN.

“As a government, we have identified land titling as a rapid tool for economic development as it creates the basis for land taxation, access to credit, increased market value and investment stimulation”, the VP added.

The Convener, National House Fair, Mrs. Becky Olubukola, highlighted that over the years the demand for new housing units, especially in urban areas has been estimated at 250,000 units against the supply of 50,000.

Olubukola stated that it is the responsibility of the public-private partners to cater to the rising demand for affordable houses, adding  that they have prioritised the development of 500,000 units.

She maintained that affordable housing is a necessary issue especially in developing countries where the majority of the population is not able to buy houses at market price, thereby making it impossible for Nigerians to own their homes.