Electronic income

Expert suggests ways to provide housing for low and middle income groups

In order to facilitate the provision of housing, especially for low and middle income groups, the Association of Housing Corporation Chairman of Nigeria (AHCN), Dr. Victor Onukwugha, has requested the establishment of a new “Fund for housing development” to provide social loans for housing. companies to engage in property development which will be allocated to National Housing Fund (NHF) contributors.

As part of the suggested recommendations he made recently during the two-day national workshop on facilitating affordable housing for middle and low income people in Abuja, Onukwugha said there is an urgent need to sanitize the primary mortgage market with enabling laws.

He blamed inadequate financial support in terms of seed funding and the high cost of funds for the challenges faced by housing companies in the country.

In addition, Onukwugha called for the provision of government guarantee with credit insurance for lenders to mitigate and share risk.

Apart from this, he suggested that there should be a credible national credit database to assist financial institutions in sharing information, evaluating and rating real estate finance and business creation. mortgages.

He also called on the government through the Central Bank of Nigeria (CBN) to regulate the single digit interest rate for housing finance; while advocating for the provision of rapid foreclosure resolution parameters to attract investors to the sector.

To facilitate low- and middle-income housing, the AHCN boss said the co-op regulator in each state should work in partnership with state housing corporations to develop affordable housing for viable companies in all states of the federation.

“The cooperative’s state control body should serve as a guarantor for the housing company to get an exit point. Provide tax incentives/rebates to local building material manufacturers to encourage adequate production of these materials at affordable prices to flood the market,” Onukwugha said.

He called for the government’s commitment to provide infrastructure such as roads, water and electricity as a subsidy program to reduce the cost of housing units.

He also urged the government to inject at least N500 billion of intervention funds at a single digit interest rate into the housing sector.

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He is of the view that there should be provisions for the diversion of a certain percentage of surplus funds in the coffers of pension funds and insurance companies to housing provision, saying there should be activation of a dynamic secondary market and alternative financing sources.

On what is needed for transformation for effective housing delivery, Onukwugha said the usurpation of statutory responsibilities of state housing agencies by state ministries should not be allowed “because this will create room for political politics with the projects”.

He urged the Ministry of Housing to strictly reduce its activities to policy formulation and monitor its statutory parastatals to ensure policy compliance and achievement.

“There is no doubt that the provision of housing for low and middle income people has suffered great neglect in recent times, which has been further aggravated by the effect of COVID-19 which has crippled the global economy, however, it is pertinent to recognize that the housing sector still possesses the most viable platform to rescue the nation from economic hardship and recession if approached pragmatically.

“The involvement of public housing companies is definitely inevitable if we hope to facilitate low and middle income housing for Nigerians through the social housing platform as outlined in the National Housing Policy.”

“Furthermore, if the Sustainable Economic Plan hopes to achieve its lofty goals of creating jobs for the population and contributing to GDP and economic development, the Housing Corporation remains key to unlocking this potential for economic recovery through ESP” , did he declare.

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The PDP spokesperson recalled how the opposition party had repeatedly warned that the APC government had ceded sovereignty over much of our country to terrorists, “many of whom were imported into our country by the APC”.

He further stated, “According to the video, in a brazen manner, terrorists as non-state actors boldly showed their faces, bragging, admitting and confirming their participation in the Kuje prison breakout, some of whom were former detainees who were either imprisoned or incarcerated. awaiting trial for their previous act of terrorism against our country.

“Nigerians can also recall the admissions of Kaduna State Governor Mallam Nasir el-Rufai that the APC government knows the plans and whereabouts of the terrorists but failed to act.

According to Ologunagba, around 18,000 Nigerians have been killed by terrorists between 2020 and 2022 “as the criminals continue to be emboldened by the failures and obvious complicity of the APC and to which the PDP had always drawn attention” .

“It’s not politics; it is about humanity and leadership, which is sadly and sadly lacking in our country right now,” he said.

The PDP added that it is appalled by “the lame response of the seemingly helpless, distraught and deflated Buhari presidency, in which it told a dying nation that President Buhari” has done everything and even more than what he was expected as Commander-in-Chief by way of sustaining the morale, materiel and equipment of the military…”

“This is a direct admission of incapacity and failure on the part of the Buhari presidency and the APC. At such a time, in other climes, the president directly leads the charge and takes drastic measures to save and protect its citizens.

“In times of adversity, the president transforms himself into a chief comforter to give hope and help to the citizens. Sadly, Nigeria does not have a President who cares and can present himself as the chief comforter of the people.

“It has now become very imperative for Nigerians to take notice and realize that the only solution to this unfortunate situation is to hold the APC government accountable. We must unite as people regardless of our political, ethnic and nuns to resist the fascist tendencies of the APC administration.

Ologunagba called for an urgent meeting of the National Council of State to advise on the way forward in the face of worsening insecurity in the country.

“Our nation must not fall. The resilient Nigerian spirit and positive attitude must be reignited by all to convince the President to immediately and without further delay accede to the request of the PDP and other well-meaning Nigerians to convene an extraordinary session of the National Assembly. Council of State to find a lasting solution since the president is, by his own admission, at the end of his tether,” the PDP spokesman said.

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