Former Minister of Works and Housing, Babatunde Fashola, has stressed the need to enhance the rent-to-own scheme as a crucial step in reducing homelessness in Nigeria.
Fashola made this recommendation during his keynote address at the ongoing 50th-anniversary celebration of the Federal Housing Authority (FHA), in Abuja.
In his address, Fashola highlighted financial constraints as a significant barrier to outright home ownership for many individuals.
He urged both the federal and state governments to focus on expanding rent-to-own programs, emphasizing that addressing homelessness requires a concerted effort from political leaders and policymakers.
Fashola stressed, “Homelessness is the most undignifying experience for a human being and must be confronted with the necessary resolve by political leaders and policymakers.”
He expressed confidence in the viability of rental housing for all, proposing the continuation and improvement of rent-to-own initiatives initiated in the last administration.
Additionally, the former minister called for increased advocacy for state legislators to enact laws that align rent payments with wages and salaries.
He emphasized the necessity for the nation’s housing policy to shift its focus toward rental housing, urging the FHA to evolve new methods of home ownership in line with the demands of the market.
Fashola suggested that the FHA conduct a professional survey to understand the housing needs of individuals within the age bracket of 25 to 35 years, who likely dominate the market demand.
The call to action comes as part of the celebration of the FHA’s 50th anniversary.
