In the wake of the latest tragedy in Ikoyi, it is time for the National Assembly to pass the Nigerian Building Regulation Act 2021

Ayo Akinfe

[1] Given that there are 200m Nigerians with about 50% of them being 18 and over, we should have a 20-year plan to build 40m housing units over the next 20 years. Of these 40m, the federal government will build at least 5m housing units in Abuja and Lagos each

[2] A Federal Housing Regulatory Agency will be established to monitor the compliance with strict building regulations. With an office in each state, this agency will have the power to order the demolition of any building it considers unsafe

[3] All 36 state and the 774 local governments must build houses as a matter of law. Each state must subsequently have its own housing regulatory agency

[4] Each state must build at least 10,000 housing units a year

[5] At least 50% of all these houses in each state must be social accommodation for letting

[6] State and local governments will be allowed to run housing corporations

[7] State and local governments will also be allowed to enter into public-private partnerships with private companies

[8] Private companies who build in excess of 1,000 units annually will get a one year tax break

[9] Nigeria’s Federal Mortgage Bank will offer 25 year single digit loans to buyers

[10] State and local governments who build more than 50,000 housing units a year will get a federal grant