The Chairman, Rivers State chapter of the Nigeria Institution of Estate Surveyors and Valuers (NIESV), Mr Elliot Orupabo has called for the stoppage of the workers’ contribution to the National Housing Fund (NHF).
He reasoned that many who had made contributions to NHF had neither access nor knowledge of the status of their contributions.
According to Orupubo, “they should discontinue it because people have not benefited from it. Even those that have made contributions don’t have access to it, some don’t even know how much they have contributed”.
The Rivers NIESV boss, argued that the essence of mortgage is to enable citizens own their homes, but it is not so “mortgage is not only for development companies, but individuals should be able to access it, as long as you have steady source of income”.
Orupabo who spoke to The Tide, Friday in Port Harcourt, hailed the Federal Government’s recent announcement to remove 10 per cent contribution on mortgages below N5 million, but regretted that the mortgage industry in the country was not effective.
He stated “the move is good but while they are taking that step, let us find out how effective the mortgage industry is in Nigeria.
“The mortgage industry in Nigeria is not effective, how many people are Getting mortgages?
“If the system is working and such move is made, it would enhance the built industry. Because the system is not effective, that is why you see individuals struggling to build”, he added.
He noted that in other economies where the system is effective, people go for already built houses because they can access mortgage.
“In places where the mortgage system works, people buy houses and not to go through the struggle of having to build because they know mortgage system is very effective”, he stressed.