By Yinka Kolawole

The federal government has been called upon to use the N26 billion allocated to housing in the 2012 budget proposals as intervention fund for the sector.

President, Nigerian Institute of Building (NIOB), Mr. Chucks Omeife, while analyzing the budget, noted that the budgetary allocation was good but must be applied in the right direction to achieve meaningful results.

He posited that the fund can be used to strengthen the mortgage system with very strong policy dictation and direction to the operators so that it can serve as a revolving fund in the system and hence provide ease of access to all.

Omeife further stated that the fund should be applied in specific areas of the sector. According to him, to increase the housing stock, necessary infrastructure should be provided with the fund in different localities with the aim of opening up those localities for development and thus ensure affordability.

He also advocated that part of the fund be used for housing subsidy for Nigerians bearing in mind the low income and no income class who may never be able to afford a house even if the conditionalities are lowered.

“Whatever fund that is allocated to housing through budgetary provision should be seen and used as an intervention fund, similar to what was done for the banking sector, the capital market, the entertainment industry, the manufacturing sector, recently the labour union. It is only when it is used that way that the effect can trickle down and can be used as a revolving fund.

“Government must not be involved in any way in the direct construction of houses for the people but can intervene through policy in making the acquisition process more manageable, the provision more result driven and mortgages more accessible and legally more refined.

“The N180 billion and N26 billion earmarked respectively for works and housing is a good development especially at this point where Nigerians are going through very harrowing experience as a result of the high level of decadent of our infrastructure and acute shortage in the national housing stock. What is expected from the above is a segmented and holistic approach with a detailed maintenance back up for our roads and other infrastructure,” he stated.