Dangote Group proposes tax credit for housing sector
FG has no business building houses, say developers
Dangote Group has called on the Federal Government to urgently initiate a tax credit facility that would enable developers to embark on construction of affordable housing units to meet the deficit in the country.
The Group Head, Sales and Marketing, Rabiu Umar, who stated this at Africa International Housing Show (AIHS) in Abuja, yesterday, added that the tax credit has become imperative to achieve low-income houses.
Umar argued that the immediate past government introduced the same in road infrastructure to give back to society, urging the stakeholders to buy into the ideas by signing memorandum of understanding with estate developers and banks.
Housing, he added, is a compelling need of citizens; hence, private and public sectors must synergise in the built industry, stressing that the deficit in Nigeria and Africa is daunting, and both should work towards resolving the crisis.
Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman, said the event “has become a veritable platform for cross-fertilisation of ideas” on national developmental challenges in housing and mortgage sectors.
Hamman added: “We remain the only institution offering affordable mortgage to Nigerians at single digit rate between six and seven per cent through products like Individual National Housing Fund Loan, from N15 million to N50 million.
Olusade Adesola of Federal Capital Territory Administration (FCTA) informed Abuja residents that the Masterplan outlined a vision for a well planned city.
“We will implement it meticulously by adhering to its principles, to ensure a vibrant environment,” he added.
The Coordinator of AIHS, Festus Adebayo, disclosed that this year’s event would focus on ‘Beyond Rhetoric to Homes: Making Housing Happen’, noting: “Africa is facing various hurdles in its pursuit of sustainable housing strategy and agenda.”
Meanwhile, President of Real Estate Developers Association (REDAN), Aliyu Wamakko, has urged the Federal Government to provide affordable financing, land infrastructure for investors to key in.
At the Abuja Housing Show, he said the call became necessary to bridge the housing gap in the country.
Wamakko, who is the Chief Executive Officer of Jedo Investment Company Limited, explained that the government has no business in building houses because it cannot build houses and give them out for free.
According to him, Nigeria was not a socialist country, adding that the bulk stops at the table of private investors to help the government in building affordable houses.
He announced the unveiling of a special package for the 10th National Assembly: a four-bedroom terrace apartment with roof top, a four-bedroom semi-detached duplex and two semi-detached duplex.
According to him, the project is endorsed by REDAN, under the cover of AIHS.
The project, he noted, was constructed for Nigerian lawmakers, some of whom are just new in Abuja, to ease their legislative duties.
In addition, the Chief Executive Officer of Bamicon Nigeria Limited and Past President of the Nigerian Institute of Building (NIOB), Ayo Bamisile, called on Tinubu and the National Assembly to establish a mechanism to ensure that every landed property in the country is accompanied by legal documents that can be presented to banks for loan purposes.
“There are numerous instances of dead investments in Nigeria. By ensuring that every landed property is properly documented, we can tap into trillions of Naira that can be re-invested in the housing sector,” he said.
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