THE RENEWED HOPE AGENDA OF PRESIDENT BOLA AHMED TINUBU AND ITS IMPACT ON HOUSING DELIVERY IN NIGERIA
ESV. Ibiam Alexander
President Bola Ahmed Tinubu was inaugurated on the 29th May 2023 and he launched his programm for the next 4years otherwise known as renewed hope Agenda as his priority area of his administration and they are as follows:
- Reform the economy to deliver sustained inclusive growth
- Strengthen national security for peace and prosperity.
- Boost agriculture to achieve food security
- Unlocking energy and national resource for sustainable development
- Enhance infrastructure and transportation as enablers of growth
- Focus on education, health and social investment as essential pillar
of development
- Accelerate diversification through industrialization, digitalization, creative arts, manufacturing & innovation
- Improve governance for effective service delivery.
Article 5 above is the main focus of our discuss, which focuses on infrastructural development and housing delivery, the impact of government policies such as fuel subsidy removal, low GDP and high exchange rate has an economic down-turn on housing delivery and according to statistic that Nigerians are faced with housing deficit of over 25million and here are some of the impacts which will put more Nigerians into housing crisis.
- Impact on import duties for building materials has gone up
- Rising and falling of dollar (exchange rate)
- Financial crisis- tighten credit facilities can deter investment as lender are not willing to grant loans
- High interest rate
- Stock market crashes
- Loss of investment confidence
- High cost of professional fees
The present government has done much in terms of infrastructural development in delivery of housing but government need to do more to cushion the tides by revisiting the policies by introducing subsidies on essential items like
- Conceal subsidies on imported building materials
- Revamp the federal mortgage bank by providing special funds for Nigerians to access
- All the enabling laws toward housing delivery should be looked into and make amends to meet the yearning of Nigerians such laws are the land use act, national housing fund act, building codes and environmental and petroleum acts etc
- Developers should plan and provide budgeting before embarking on housing development
- Developers should adopt new and alternative building materials
Inconclusion, it is hoped that government renewed hope agender would be achieve success if the following recommendations are adopted
