The Managing Director of BigHomes, Mr. Topsy Essien, has urged the Federal Government to introduce a comprehensive subsidy regime for housing, similar to the support extended to other critical sectors of the economy.

Essien made the call during the commissioning of Ivy’s Court, a newly developed mini-estate of six four-bedroom terrace homes in Abuja.

He argued that despite the growing demand for affordable housing nationwide, millions of Nigerians still cannot access decent homes because government support is insufficient and poorly structured.

According to him, meaningful intervention must begin with mortgage reform, land allocation transparency, and direct subsidies that can significantly reduce the financial pressure on homebuyers.

Essien noted that while government subsidises fuel, agriculture, and other sectors considered essential, housing  a fundamental human need  continues to receive minimal and inconsistent support.

“Government should make the average mortgage amount meaningful enough to buy a home.

“You don’t give a citizen a mortgage package that cannot even buy a decent house. If we can subsidise other sectors, why not housing?”

He stressed that the most effective way to make homes affordable is for government to subsidise land, which constitutes as much as 60% of total development cost in Abuja.

“If government takes away the cost of land, developers like us can deliver these homes for ₦50 million, even ₦35 million in some designs.

“Land is the biggest burden. Remove it, and housing becomes genuinely affordable.”

He lamented the ongoing land racketeering in Abuja, where large tracts are allocated to private individuals who later resell them at exorbitant rates to developers.

“So much land is being taken and hoarded. Instead of allocating 100 hectares to individuals who flip it for billions, let government give such land to credible developers already building affordable homes. Just let us build,” he added.

Essien also called for reforms at the Federal Mortgage Bank of Nigeria (FMBN), saying the current mortgage caps are too low to purchase modern homes, especially in urban centres.

“The premium an average person is allowed to access should be tangible enough to buy a home. Subsidies and flexible mortgage terms are essential.”

He noted that private mortgage banks currently offer more flexible options, making them a better fit for many of BigHomes’ clients.

Essien emphasised that BigHomes has been able to offer relatively lower prices because of its partnership-based business model, which cuts cost across land acquisition, building materials, advertising, and sales.