*Zaheed Ayoola's Thought on the Housing Problem (Series 3)
I will ask the Ministry of Housing to get down to work immediately to provide mass housing in all the States
This will be done first through the Federal and State Civil Services. The ministry will be asked to compile the names of all the civil servants with 10 years and above in service who are interested in owning a house. They will then be asked to fill forms online to register. The States will be asked to provide lands for workers estates in all the local government areas so people can have the freedom of choice of area.
Why Civil Servants? Simple. They already have a monthly saving from the National Housing Fund (NHF) which has been accumulating over years. The Federal Mortgage Bank (FMB) and an intervention fund from Central Bank of Nigeria (CBN) we will make available a single digit mortgage loan at 5% for a minimum tenor of 10 years for all interested enrollees.
A painstaking special selection process of all construction companies in the country with previous track record of delivery will also be compiled for enrollees to select from. Also there will be different architectural designs based on different grade levels for the people to chose from.
However, this loans will not be disbursed to the CS but directly to their selected construction companies for the delivery of the housing units within One year.
The BVN and online registration will make the process fraud free and EFCC will be fully involved in the process. Enrollees will be free to visit and make complains about the Construction companies. Anyone found wanting will be handed over to the EFCC for appropriate action and will be blacklisted immediately.
This process will kick start the construction industry and also boost the economy with the employment of artisans in the industry. From Building engineers to unskilled labourers in the industry.
Furthermore, the Construction companies will be made to subscribe to two things
1- the Nigeria Stock Market to boost our GDP.
2- to provide housing units for the public for outright sale
Therefore, the FMB will be mandated to give the public loans at 6-9% interest rate for up to 15years tenor.
I believe with this method our economy can be revamped with the direct injection of the funds laying fallow in the vaults of FMB and the CBN. If the process is efficiently supervised with competent and patriotic people we will be out of the woods in the housing section in 3 years!
Finally, this will be a completely different approach from the previous method that has become more difficult to do than passing a camel through the eye of a needle. It will bring back the lost confidence in the NHF, FMB and the Construction industry.
Well just musing about this if I were the President
Continue enjoying your weekend
Baba Zito signing out for now.
Cheers!!!
I will ask the Ministry of Housing to get down to work immediately to provide mass housing in all the States
This will be done first through the Federal and State Civil Services. The ministry will be asked to compile the names of all the civil servants with 10 years and above in service who are interested in owning a house. They will then be asked to fill forms online to register. The States will be asked to provide lands for workers estates in all the local government areas so people can have the freedom of choice of area.
Why Civil Servants? Simple. They already have a monthly saving from the National Housing Fund (NHF) which has been accumulating over years. The Federal Mortgage Bank (FMB) and an intervention fund from Central Bank of Nigeria (CBN) we will make available a single digit mortgage loan at 5% for a minimum tenor of 10 years for all interested enrollees.
A painstaking special selection process of all construction companies in the country with previous track record of delivery will also be compiled for enrollees to select from. Also there will be different architectural designs based on different grade levels for the people to chose from.
However, this loans will not be disbursed to the CS but directly to their selected construction companies for the delivery of the housing units within One year.
The BVN and online registration will make the process fraud free and EFCC will be fully involved in the process. Enrollees will be free to visit and make complains about the Construction companies. Anyone found wanting will be handed over to the EFCC for appropriate action and will be blacklisted immediately.
This process will kick start the construction industry and also boost the economy with the employment of artisans in the industry. From Building engineers to unskilled labourers in the industry.
Furthermore, the Construction companies will be made to subscribe to two things
1- the Nigeria Stock Market to boost our GDP.
2- to provide housing units for the public for outright sale
Therefore, the FMB will be mandated to give the public loans at 6-9% interest rate for up to 15years tenor.
I believe with this method our economy can be revamped with the direct injection of the funds laying fallow in the vaults of FMB and the CBN. If the process is efficiently supervised with competent and patriotic people we will be out of the woods in the housing section in 3 years!
Finally, this will be a completely different approach from the previous method that has become more difficult to do than passing a camel through the eye of a needle. It will bring back the lost confidence in the NHF, FMB and the Construction industry.
Well just musing about this if I were the President
Continue enjoying your weekend
Baba Zito signing out for now.
Cheers!!!
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