Expert Scores FG Low On Housing

As the nation celebrates two years of the present administration, a stakeholder in the building sector of the economy, Mr Sunday Nwagu, has expressed worry over the seeming inability of the government to bridge the gap being experienced in the sector.
Nwagu, a building professional based in Port Harcourt, noted that shortly after the present administration was sworn into office, the nation’s economy began a descent into recession in which the building sector  was adversely affected.
The builder who made this observation in a chat with The Tide  also said, at the inception of the current administration, steps were taken to address the challenge in the housing sector, which he pointed out was yet to yield the anticipated results.
He said, the Minister for Works, Power and Housing, Babatunde Fashola, had at the beginning presented a National Housing Programme (NHP), for the six geo-political zones of the country, showcasing different house types for different categories.
The NHP Nwagu further noted, was expected to address the 17 million housing deficit nationwide and create thousands of jobs, while it is expected to gulp N41 billion out of the N64 .9 billion budgeted for capital spending.
He expressed worry, however, that two years down the line, there was no significant activity in the sector to make any meaningful impact.
Speaking on the recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN), to the tune of N500 billion, no action has been taken and explained that the lack of activity has united the operation of FMBN and Primary Mortgage institutions in the country.

Tonye Nria-Dappa