For President Muhammadu Buhari administration to successfully execute its housing policy, it must provide intervention fund for housing, Abuja-based developer, Alhaji Aliyu Wamakko has observed.
Speaking with Viewpoint Housing News in Abuja on Monday, Wamakko who is Chairman Jedo Investment and Property Limited said government should do to housing what it has done for other sectors.
According to him, without intervention fund, the housing policy presently pursued would not sail.
He said, “The government has given interventions in health, agriculture and several sectors. Why not do same for the housing sector?
“When we talk about the three essentials of life, we’re talking about food, shelter and health.
“Government has provided intervention in health and food but has not done so in the housing sector.”
Wamakko also wants government to recapitalise the Federal Mortgage Bank of Nigeria (FMBN).
“We’re calling for recapitalisation of FMBN because it serves as a revolving fund.
“They provide mortgages to us [developers] at 10 percent and they provide also to the mortgage [banks] at 6 percent.
“If you put this money, the developer would be able to produce the houses within 12 months and the mortgage is created for the off-taker.
“The contribution continues, the mortgage is going at 2 million plus, maybe monthly and they would also make money out of other repayments.
“With what can they create a good number of houses?
“They have to get intervention fund. It [FMBN] has to be recapitalised for them to achieve this because they’re left with no option than to use the same money they contributed for the building of houses to offset overhead costs, market the products and the likes,” Wamakko suggested.
He maintained that the dream of housing for all is attainable only if government provides intervention fund.
He advised Nigerians to think about home ownership early in life, not to wait until they are 40.
The developer has built 250 houses in Lugbe (Abuja) for FMBN through Estate Development Loan (EDL) and another 450 units through the National Health Insurance Scheme (NHIS) contributors and the general public.
At present, Jedo Investment and Property Limited is doing a 250-unit housing project in Sokoto under NHIS.
It is doing a housing project in Kuje and another one in Ushafa by Lower Usman Dam, all in the Federal Capital Territory (FCT).
He calls the Ushafa one which sits on a 74-hectare land Jedo Mega City Village. It has 400 units.