House Speaker Femi Gbajabiamila revealed on Thursday that Nigeria is facing an alarming rate of housing deficit.
Addressing this issue at a House investigative hearing on corruption in the real estate sector, Gbajabiamila also said the potential cost to bridge the deficit was around N6 trillion.
“As you are aware, one of our primary tasks and constitutional responsibilities as elected representatives of the people and of our various constituencies is to, amongst other things, ensure the welfare and prosperity of our people,” Gbajabiamila said, represented at the hearing by the House Leader, Hon. Alhassan Ado Doguwa.
“Access to decent and affordable housing is one of the primary indicators of such economic empowerment.
“With the current housing deficit in Nigeria, which is estimated to be between 17 and 20 million housing units and also said to be increasing annually by 900,000 units.”
The Speaker also criticised the insufficient legal frameworks for protecting home buyers and encouraged his fellow lawmakers to combat this problem swiftly.
“A lack of accountability and regulation in the dealings between these real estate developers and home buyers has caused untold hardship to many already struggling Nigerians, who desire to own their own houses.
“However, there are gaps in the relevant legislation that empowers some real estate developers, while they capitalise on this opportunity to also operate with impunity, stealing away the dreams and billions of naira of hard-working Nigerians.
“It is our responsibility to introduce effective regulations to resolve these issues.”
