Mrs Halima Tayo Alao, at a press briefing on the federal government's implementation action plan on policy of affordable housing delivery in Nigeria, said the ministry has however, recommended among others, removal of capital gains tax on disposal of mortgage related investments in its efforts to end the problems in the sector.
According to her, after extensive deliberations and research on the identified challenges in the sector, they have come up with report containing 42 recommendations which they believed will effectively address the challenges.
The report was submitted to Mr President on March 10 and some of the recommendations include; issuance of construction bonds on annual basis by the Debt Management Office and amendment of housing related laws that constitute impediments to the provision of housing in Nigeria, the minister said.
She stated that difficulty in accessing land and securing title and security of tenure to land due to the shortcomings in the implementation of the provisions of the Land Use Act [1978], will be studied in order to ensure affordable housing in the country.
The minister lamented that over the years, the Federal Government has had policies on housing but that has not served the entire country, noting that with the recommendations they have proposed, the country will soon tackle hiccups militating against the sector.
She said the Federal Mortgage Bank of Nigeria has a major role as a secondary mortgage institution while the primary mortgage institutions play the role of loan originators in ensuring easier accessibility of fund by developers.
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