State Governor, Dr Kayode Fayemi made this known at the flag off of Eyiyato Housing Estate in Ado- Ekiti, stressed that housing finance has been a major hurdle to housing provision, hence mortgage financing becomes the most recognized strategy in the financing.
Dr Fayemi, who restated his administration’s plan to provide 5,000 units of affordable houses under a PPP arrangement to workers, said the housing fund scheme, a programme of the Federal Mortgage Bank of Nigeria (FMBN), entails the deduction of 2.5% of basic salary of workers for the scheme which will take off in January 2014.
“There is no doubt that the quantity of hosing stock presently available in Nigeria as a whole is a far cry from the requirement of our people. This has led to increased cost of shelter both in acquisition and rental and Ado Ekiti and Ekiti State is not immured from this scenario”, he said.
While explaining that the Ekiti Homes Agenda was established in order to deliver faster on the 5000 housing unit target, the Governor said the effort is yielding fruits with the establishment of 270 unit FRSC Housing Estate, 750 unit NUT housing estates in Ikere, Aramoko and Otun and 500 unit Wemabod Estate along Iworoko road, and the developers have concluded arrangements to mobilize to site.
Speaking on the Eyiyato Housing Estate, Fayemi stated that the estate will comprise 1000 units of houses of various types on completion even as the estate is designed to have ICT security initiatives and other facilities that enhance comfort.
He added that the sstate provides opportunity to showcase the untapped clay production in the state as a substantial number of the 1000 housing units will be built with burnt clay bricks, apparently from the resuscitated Ire burnt brick factory.
“To ensure a robust delivery of the programme, my administration is providing for the road infrastructure for the housing estates as part of its commitment to the PPP arrangement with the developers. In addition, we are fine tuning discussions with banks and mortgage institutions to provide mortgage facilities at very affordable rates so that all cadres of Ekiti residents can access these homes”, Fayemi said.
Speaking at the event, the Group Managing Director of Fountain Holdings limited, Mr Muyiwa Ogunmilade said the housing scheme is achievable since it is a project to be actualised through a public private partnership. He said government would continue to give support to the developers in order to achieve the target and assured the people that the houses would be made available to them at affordable cost on completion.