..To review land use act
Barring any unforeseen contingencies, the president-elect, Bola Tinubu will be merging all federal government agencies saddled with the responsibility to promote home ownership when he fully takes over as President of Nigeria from May 29, this year.
Tinubu was declared Nigeria’s 16th President by the Independent National Electoral Commission after he won the February 25 Presidential election with a total of 8.79 million votes.
The federal government housing agencies, according to Tinubu, are too small and fragmented to effectively address the housing deficit in the country.
The Federal Government currently has three agencies saddled with the responsibility of promoting housing for Nigerians.
The agencies are the Federal Mortgage Bank of Nigeria, the Nigerian Mortgage Refinancing Company and the Family Homes Fund.
Nigeria currently has over 17 million housing deficit, according to data released by the Ministry of Housing.
Tinubu in his manifesto analyzed by THE WHISTLER stated that his government would ensure greater cohesion and efficiency by merging these agencies into a new, more competent body.
The document stated that the new entity will inherit the functions of existing housing authorities and would be adequately capitalized by the Federal Government.
The newly created agency, the document noted, will have a three-fold mandate to grant low interest rate mortgages directly; guarantee qualified mortgages issued by banks; and purchase mortgages from private banks.
The document reads, “The various federal agencies meant to promote home ownership are too small and fragmented.
“To address the housing deficit, we will ensure greater cohesion and efficiency by merging these agencies into a new, more competent body.
“This new entity will inherit the functions of existing housing authorities and shall be adequately capitalized by the Federal Government.
“The agency will have a three-fold mandate to grant low interest rate mortgages directly; guarantee qualified mortgages issued by banks; and purchase mortgages from private banks.
Source: thewhistler
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