Home News REDAN raise concern over FG’s exorbitant housing costs around the country

REDAN raise concern over FG’s exorbitant housing costs around the country

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Private developers have pointed out flaws in the Federal Government’s National Housing Program (NHP), which has sparked public outrage over rising housing costs.

REDAN raise concern over FG's exorbitant housing costs around the country

Babatunde Fashola, the Minister of Works and Housing, recently launched a housing portal, urging Nigerians to apply for one of the 5,000+ housing units available, which range from one, two, and three-bedroom bungalows and blocks of flats in any location of their choice across 34 states and the Federal Capital Territory.

Essentially, the costs of the structures vary depending on the cost of construction and geography. The cost of a one-bedroom house ranges from N7, 222,404 to N9, 268,751. A two-bedroom house costs between N9,148,378 and N12, 398,460, whereas a three-bedroom bungalow costs between N9,148,378 and N12, 398,460.

Stakeholders said that the initiative is unaffordable, unjustified, and may encourage corruption among government workers. They said that the government should focus on policymaking rather than home creation.

The pricing, according to Oluseyi Lufadeju, Chairman of the Board of Trustees of the Real Estate Developers Association of Nigeria (REDAN), is neither rational nor justifiable. “If you want to develop for low-income people, it’s not going to work.” “These aren’t the kinds of dwellings that low- and middle-income people want,” he explained.

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