FG Mulls National Housing Bond To Tackle Deficit

Babatunde Fashola, minister of works and housing, says plans are
underway to set up a national housing bond that will address
housing deficit in Nigeria.

Fashola announced this during a tour of the Federal Housing
Authority’s and Cosgrove’s Estates on Tuesday.

He said the initiative would help developers provide houses for
all categories of Nigerians.

“We will be working to create a National Housing Bond that
housing developers can access at a very reasonable rate. That is
something I will be engaging my colleague, the Minister of
Finance,” he said.

“And hopefully, she would be able to engage the Governor of the
Central Bank of Nigeria who controls our monetary policies. This is
because fiscal and monetary policies can help the sector.

“This tour to estates at Mabushi, Guzape and Zuba is to show you
that a lot of things are going on in the housing economy of the
country.”

The minister added that there are several types of houses for
different categories of Nigerians and as such the government cannot
reduce deficit until it involves the private sector.

In tackling the country’s housing deficit, Fashola had
recommended that landlords and property owners should adopt a
3-month rent in advance against the yearly upfront payment to
improve affordable housing for Nigerians.

Babatunde Fashola, minister of works and housing, says plans are
underway to set up a national housing bond that will address
housing deficit in Nigeria.

Fashola announced this during a tour of the Federal Housing
Authority’s and Cosgrove’s Estates on Tuesday.

He said the initiative would help developers provide houses for
all categories of Nigerians.

“We will be working to create a National Housing Bond that
housing developers can access at a very reasonable rate. That is
something I will be engaging my colleague, the Minister of
Finance,” he said.

“And hopefully, she would be able to engage the Governor of the
Central Bank of Nigeria who controls our monetary policies. This is
because fiscal and monetary policies can help the sector.

“This tour to estates at Mabushi, Guzape and Zuba is to show you
that a lot of things are going on in the housing economy of the
country.”

The minister added that there are several types of houses for
different categories of Nigerians and as such the government cannot
reduce deficit until it involves the private sector.

In tackling the country’s housing deficit, Fashola had
recommended that landlords and property owners should adopt a
3-month rent in advance against the yearly upfront payment to
improve affordable housing for Nigerians.