Committee on housing delivery set up
By
Aug 22, 2007, 14:05

President Umaru Musa Yar’Adua has set up a committee to implement the decisions resulting from over three years of consultations between the Federal Mortgage Bank, the Nigerian Stock Exchange, the Securities and Exchange Commission, banks, the Federal Inland Revenue Service and other stakeholders on housing delivery.

The committee which was set up on August 21 in Abuja, will consider all legislations related to housing delivery, recommend appropriate amendments to prepare a framework for massive local and international investments in the country’s housing sector. Such recommendations will form the basis for legislative action towards the provision of an enabling environment for mass housing.

The committee, to be chaired by the Minister of Housing and Environment, has the Ministers of Finance and National Planning as members. Also on the committee are the Chief Economic Adviser to the President, Federal Capital Territory Administration, the Nigerian Stock Exchange, Securities and Exchange Commission, Federal Inland Revenue Service, Nigerian Pension Commission, Federal Housing Authority, Central Bank of Nigeria, Managing Director, Access Bank, representing the banking industry, the State House Counsel and Prof. Akin Mabogunje.

While speaking before setting up the committee, at a meeting of stakeholders in the housing industry, President Yar’Adua said, “no government can provide the huge amount of money required to meet the housing needs of Nigerians, and the only way to go is the private sector”.

He acknowledged the work that had been done in the sector, and gave the committee eight weeks to implement its mandate.

Earlier, the Minister of Housing and Environment, Arc. Halima Tayo Alao, and the Federal Housing Authority had made proposals to the President on the way forward, while the Chief Economic Adviser gave an extensive briefing on the consultations and decisions already taken about housing delivery for Nigerians.

Nigerian Stock Exchange Director-General, Prof. Ndi Okereke-Onyiuke told the meeting that the Exchange and SEC were ready to work with government towards the provision of funds for the housing sector.

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