‘Ogun govt inherited 500,000 housing deficit’

The Ogun State Government has revealed that it inherited 500,000 housing deficit from the past administration of former Governor Ibikunle Amosun.

The government said it might not be able to fill the entire gap by the end of its tenure, but pledged to fill at least 50 per cent before expiration of the administration.

The Commissioner for Housing in the state, Jangumolu Omoniyi, said this while speaking with journalists in Abeokuta, adding that the government was battling to close the gap it inherited on May 29, 2019 from the preceding administration.

Omoniyi, said as part of moves to close the gap, the government had started 2,500 housing projects in various locations in the state, adding that the first phase was completed in May.

He pointed out that by their postulation, there is nothing less than 500,000 housing gaps in Ogun State, adding that four years or eight years down the line, the state may not be able to fill that gap but at the end of the day, it can do nothing less than 50 per cent of that gap.

Omoniyi said the affordability of the state’s housing projects for the subscribers was ‘in line with global best practices’.

The minimum requirement, according to him, is payment of 10 per cent and undertaking of affordability test to determine the subscriber’s capacity.

The Commissioner for Housing said, “I know what is obtainable nationally when it comes to affordable houses. The houses that we have, the price of our houses in Ogun State today is within N6.5m and N5.5m.

“Affordability does not mean that the common man will have to cough out N6.5m or N5.5m to build or buy those houses.

“In advanced countries nobody pays more than five or 10 per cent for you to be able to get mortgage and that is what is obtainable in Ogun State today.”

According to him, funding partner, which is the Federal Mortgage Bank Family Homes, had shown interest in partnering with the state to offer best single-digit rates and long tenured mortgages to subscribers.