Tuesday, January 18, 2022
HomePoliticsThe Federal Government sets the price of a one-bedroom apartment at N7.3...

The Federal Government sets the price of a one-bedroom apartment at N7.3 million, which is the equivalent of 20 years’ worth of minimum wage in Nigeria.

The Federal Government has launched a portal for its 5,000 housing units which are under different phases of completion.

The Minister of Works and Housing Babatunde Fashiola, said Nigerians can now apply for houses built under the current Federal Government’s National Housing Programme (NHP) in 34 states of the country.

This was following the formal launch of the portal, ‘https://nhp.worksandhousing.gov.ng,’ which took place at the Conference Room of the Ministry in Mabushi, Abuja on Friday.

“We come here only to present a platform on which the National Housing Programme pilot will be available for sale to the general public,” Fashola remarked. That is to say, we will not be selling physical forms; instead, the forms will be available online, allowing for greater transparency, fewer human interventions, and a lower risk of unethical behavior.”

Nigeria has a housing shortfall of approximately 21 million units, with a funding requirement of over N21 trillion.

Experts, on the other hand, argue that the country requires housing units that ordinary Nigerians can buy.

President Muhammadu Buhari signed a National Minimum Wage of N30,0000 per month in 2019.

According to the government, the building project was performed by the Ministry of Works as part of the National Housing Programme and is in compliance with the United Nations Sustainable Development Goals in Nigeria (SGD).

The seventeen Sustainable Development Goals (SDGs) feature an urban component, with aims such as affordable housing.

Goal 11 of the SDGs aims to ensure that, by 2030, everyone has access to sufficient, safe, and affordable housing and essential services, as well as the upgrading of slums.

According to the ministry’s investigation into the newly opened portal, the cheapest building accessible on the portal is a one bedroom flat for N7,222,404.

The buildings cost between N7,222,404, N9,268,752, N13,241,074, and N16,491,155.8 in different parts of the country.

States such as Gombe, Katsina (Gidan kwa-kwa, Off New Ring Road, Katsina); Niger (3 Arms Zone, Eastern Bye Pass, Minna, Niger); Taraba (Wukari-Jalingo Road, Jalingo, Taraba); Zamfara (Kuraja-Damba, Off Gusau-Zaria Road, Gusau, Zamfara); Yobe (Old Damaturu-Maidu

Some of these states are deeply in debt and have a huge population of destitute people.

With the current minimum income of N30,00, a Nigerian who wishes to acquire one of the buildings must pay a down payment of 30% of the building’s original cost.

For example, if a buyer wants to buy a three-bedroom flat for N16.49 million, he or she will put down N4.94 million, which is the equivalent of 13 years and 7 months of a minimum wage earner’s wages.

This is based on the ministry’s mortgage calculator for housing units, which can be found on the web.

If the buyer chooses the lowest apartment, a N7.22 million one-bedroom flat, a down payment of N2,166,721.19 is expected.

The N2.16 million down payment is the equivalent of more than 6 years’ salary for a minimum wage earner, whilst the N7.22 million one-bedroom flat will require 20 years’ salary for civil servants on the N30,000 minimum wage.

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