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Stakeholders mount fresh pressure over housing sector bills

Again, stakeholders comprising real estate developers, builders, engineers, estate surveyors, and town planners are mounting pressure on the National Assembly to expedite action on the outstanding housing bills before it.

The housing bills are yet to be passed by the National Assembly since 20O4.

They include the passage of Foreclosure Bill into law to legally resolve default issues in the housing sector; Review of Land Use Act of 1978; Real Estate (Regulation and Development) Bill 2018; Review of Federal Government Housing Loans Board Bill (FGHLB); Review of the National Housing Fund (NHF) Scheme Act 1992; Review of Mortgage Banks Act 1989 ( subsumed in BOFIA); Review of Federal Mortgage Bank of Nigeria (FMBN) Act 1993; and Review of the Trustee Investment Act 1962.

Others are Review of the Nigeria Social Insurance Trust Fund (NSITF) Act 1993; Review of the Insurance Act 2002; Review of the Investment and Security Act 1999; Review of the Federal Housing Authority (FHA) Act 1990; Climate Change Adaptation Policy; Policy Creating the National Council on Housing for Sector Regulation; and Securitization Bill and other affordable housing policies.

Commenting on the bills, a former General Manager of Aso Savings and Loans Plc, Mr. Fonahanmi Idris, said that the various Acts should analyzed into areas of interest in the sector, adding that he was optimistic that if seen, they could be reviewed in line with current dictates.

It was also gathered that the Real Estate Developers Association of Nigeria (REDAN) was also putting the bills into priority.

Another affordable housing advocate, David Gamvwa, said it was sad that eight of the bills were initiated, prepared and sent to the National Assembly since 2004 by Professor Akin Mabogunje-led Presidential Technical Committee on Housing and Urban Development.

In his agenda-setting for government, Adebayo reminded the Minister of Work and Housing, Mr. Babatunde Fashola, that urgent passage of the outstanding bills would facilitate rapid investment in the real estate sector and drive the economy.

Besides, he called on the minister to urgently partner with the Mortgage Bankers Association of Nigeria (MBAN), Central Bank of Nigeria (CBN) and others to see that these critical bills are passed by the National Assembly.

Adebayo noted that funding has remained one of the most critical challenges for Nigeria’s housing sector, urging the minister to consider approaches that would ease access to funding low-income housing in the country.

Whether in terms of partnerships, policy developments or securing alternative finance models, Adebayo said that if access to funding could be guaranteed, a lot could be achieved in record time in the sector.

He lamented that mortgages and project constructions were stalled by limited access to funding.

He said: “Another critical mandate for the minister is to partner with relevant stakeholders in the sector to create standard data system in Nigeria that can be universally accepted to collate data, identify data gaps, integrate, optimise and expand knowledge set to meet current demands.”

This, he said should also included the adoption of high impact training that supports research and data generation by major stakeholders within the industry.

“Any plan or investment in the sector ought to be based on dependable data,” he said, quoting the stakeholders.

Adebayo urged government to facilitate process to tackle the backlog of issuance of consent and Certificates of Occupancy on Federal Government lands.

“There is the need to do more in terms of creating enabling policies around land title documentations, with government playing a larger role in assisting investors and supporting local building industries and materials,” he said.

Credit: Newstelegraph

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