Abuja – November 24, 2023 – Viewpoint Housing News.
Babatunde Fashola, a former minister of works and housing, presented contentions why, in order to lower the number of homeless people in the nation, the government and stakeholders must further improve the rent-to-own programme.
He made the proposal. During his keynote speech at the Federal Housing Authority’s 50th anniversary celebration in Abuja on Thursday,
The former minister maintains that most people’s inability to pay for homes entirely is an impediment to home ownership. Therefore, rent-to-own initiatives need to be expanded by the federal and state governments.
“Homelessness is the most dehumanizing experience for a human being,” he said, adding that politicians and decision-makers have to address the issue with the utmost conviction. It is a sad but terrible reality that not everyone will be able to afford to own a home, but I firmly think that rental housing for everyone is achievable, depending on both how it is built and how rent is paid. As a result, our housing strategy has to emphasize rentals just as much as it does ownership. Rent-to-own interventions, which were initiated by the previous government, should thus not be let to expire.
“Instead, I think there is room for improvement in terms of federal and state rent-to-own schemes expansion, as well as increased advocacy for state legislators to enact laws that facilitate rent payment and bring it into line with wages and salaries.”
Speaking on the topic of “The Future of Housing in Nigeria and 50 Years of FHA: A Call to Action for Political Leaders and Policymakers from Decent and Affordable Housing,” Fashola also urged lawmakers at the state level to intensify their efforts in favour of passing laws that would facilitate rent payments and bring them into line with salaries and wages.
He stressed the need for the nation’s housing policy to focus toward rental housing and the FHA must be cognizant of this. Adding that the 50th anniversary celebration must birth evolve new methods of home ownership.
The former Lagos State Governor further gave suggestions on financing, housing types, affordability, people participation, and maintenance with a charge that, “FHA must become a proper business run on very strict corporate governance principles that conform with global best practice and this will be consistent with previous attempts to commercialize or privatize the authority.
He said, “FHA should recognise that the market demand is probably dominated by those in the age bracket of around 25 to 35 years and it would be helpful for FHA to conduct a highly professional survey of what their needs are before designing and building.
“The other survey that I would advocate is the payment mode that this category of potential buyers will opt for and to urge FHA to factor in digital platforms for advertising, sale, and payment because this is the language of this class of buyers. If FHA expects these class of buyers to come to their offices to come and collect forms to buy houses and go through some of the ancient red tape that time has tied away for FHA, then there is a risk to success.”
