Housing, Other Promises Tinubu’s Manifesto Makes To Nigerians

Tinubu’s plan demonstrates an understanding of the existing structure with specific references to the major issues affecting the property market, the first being the Land Use Act of 1978. The explicit intention to work with the National Assembly and State Governments to rectify title issues and make crucial updates to the Land Use Act will make any real estate professional excited.

Mortgage and Consumer Credit Reform

The various federal agencies meant to promote homeownership are too small and fragmented. To address the housing deficit, Tinubu plans to ensure greater cohesion and efficiency by merging these agencies into a new, more competent body. This new entity will inherit the functions of existing housing authorities and shall be adequately capitalised by the Federal Government.
The agency will have a three-fold mandate to (i) grant low-interest-rate mortgages directly; (ii) guarantee qualified mortgages issued by banks; and (iii) purchase mortgages from private banks.

The guaranteeing and purchasing of mortgages will incentivise banks towards mortgage lending and will deepen the secondary mortgage market.

Banks will also be encouraged to engage much more in the provision of affordable consumer loans for automobiles and expensive domestic appliances. A certain portion of bank lending must be earmarked for the consumer. All non-compliant banks will pay a penalty to the government. Compliant banks will be entitled to tax breaks and credits as well as favourable treatment by the CBN regarding inter-bank transactions and other monetary policy ratios.

Home Ownership

Homeownership is a source of prosperity, social stability, and individual pride. A vibrant residential construction industry is essential to a healthy modern economy.

In conjunction with the National Assembly and State Governments, the plan is to review and revise the Land Use Act.
Streamline and rationalise the land conveyance process. In this way, the plan is to lower costs and delays and promote more efficient use of land. This more efficient allocation will bolster the housing industry and lower costs for investors and consumers.

Working with State Governments, the intention is to provide credits and incentives to developers of housing projects that set aside a significant portion of their projects to affordable housing. With the support of State and Local Governments, TInubu’s team aims to establish and implement a new social housing policy whose objective shall be to provide pathways for the poorest Nigerians to climb onto the housing ladder.
Establish a coherent federal program to provide eligible and meritorious civil servants with federal payment guarantees for fixed-rate, long-term mortgages for their homes.

Tinubu’s plan also includes a chart that references a cumulative addition of 24 million housing units by 2028. Where 4 million housing units are added every year from 2023.

However, Tinubu on page 27 of his Housing Policy underscores public sector reforms in the area of housing and the roles of the private sector and how the government intends to drive the sector in ensuring affordable housing in Nigeria. Tinubu approaches housing from a socialist perspective. It also touched on reforms of the Land Use Act.

Here are 10 other promises contained in the manifesto of the former Lagos State governor also known as Jagaban.

1. Build a Nigeria, especially for our youth, where sufficient jobs with decent wages create a better life.
2. Manufacture, create, and invent more of the goods and services we require. Nigeria shall be known as a nation of creators, not just of consumers.
3. Export more and import less, strengthening both the naira and our way of life.
4. Continue assisting our ever-toiling farmers, through enlightened agricultural policy that promotes productivity and assures decent incomes, so that farmers can support their families and feed the nation.
5. Modernise and expand public infrastructure so that the rest of the economy can grow at an optimal rate.
6. Embolden and support our young people and women by harnessing emerging sectors such as the digital economy, entertainment and culture, tourism and others to build the Nigeria of tomorrow, today.
7. Train and give economic opportunity to the poorest and most vulnerable among us. We seek a Nigeria where no parent is compelled to send a child to bed hungry, worried whether tomorrow shall bring food.
8. Generate, transmit and distribute sufficient, affordable electricity to give our people the requisite power to enlighten their lives, their homes, and their very dreams.
9. Make basic healthcare, education, and housing accessible and affordable for all.
10. And, most importantly, establish a bold and assertive policy that will create a strong yet adaptive national security architecture and action to obliterate terror, kidnapping, banditry, and all other forms of violent extremism from the face of our nation.

Sources: Estate Intel, Punch