Urgent Call to Reconsider Housing Allocation Revocation
The Federal Government has been urged to reconsider its decision to revoke housing allocations from 1,357 Nigerians across 33 states due to payment defaults. According to Professor Lai Olurode, a former Dean, Faculty of Social Science, University of Lagos, the socio-economic impact of such cancellation would be huge.
The Socio-Economic Impact
Olurode expressed his concern in an interview with the News Agency of Nigeria (NAN) in Lagos, stating that the government should grant the affected individuals more time to make payments. He noted that private investment in housing is very weak and not many people earn enough to be able to buy land.
Nigeria’s Housing Deficit
The professor highlighted that Nigeria has a deficit of about 28 million housing units, and a significant proportion of the available housing stock is not habitable due to lack of basic amenities. He added that some of the houses are not accessible and are located in slums.
Consequences of Revocation
Olurode warned that the revocation of housing allocations would represent lost opportunities for the affected individuals and would exacerbate the critical housing situation. He stated that addressing the national housing deficit would require at least N31 trillion and that the cancellation, in addition to the poor condition of some existing houses and population growth, would lead to increased homelessness.
Limitations of the National Housing Fund
The professor noted that the National Housing Fund primarily benefits those in formal employment and called for a stronger partnership between the public and private sectors in tackling housing problems. He regretted that high interest rates discourage private investment in the sector and emphasized that only a small percentage of Nigerians can genuinely afford housing.
Solutions to the Housing Crisis
Olurode suggested that the government should encourage private sector participation in housing provision through incentives and explore alternative payment structures for housing, such as the piecemeal approach. He also advocated for the promotion of cooperative housing societies to facilitate home ownership and emphasized the need for improved salaries to enable more workers to afford decent housing.
Conclusion
In conclusion, the revocation of housing allocations from 1,357 Nigerians across 33 states due to payment defaults is a decision that requires reconsideration. The government should grant the affected individuals more time to make payments and explore alternative solutions to address the critical housing situation in the country. A stronger partnership between the public and private sectors, as well as incentives for private investment, are necessary to tackle the housing deficit and provide affordable housing for Nigerians.
FAQs
- What is the current housing deficit in Nigeria?
Nigeria has a deficit of about 28 million housing units. - What is the main limitation of the National Housing Fund?
The National Housing Fund primarily benefits those in formal employment. - What is the suggested alternative payment structure for housing?
The piecemeal approach, where long-term payments lead to ownership. - What is the estimated amount required to address the national housing deficit?
At least N31 trillion. - What is the potential consequence of the revocation of housing allocations?
Increased homelessness and exacerbation of the critical housing situation.
Source: nannews.ng
