President of the Nigerian Senate, Ahmad Lawan, has assured that the National Assembly will amend the Federal Housing Authority (FHA) Act to boost the efficiency of the regulatory agency, as well as ensure compliance by private estate developers to government policies.
Speaking Tuesday when the Managing Director of the Federal Housing Authority, Gbenga Ashafa, led a delegation on a courtesy visit to him, the Senate President stressed that an amendment of the FHA Act was long overdue, particularly against the backdrop of addressing the realities of the housing business in Nigeria.
The Senate President who advised the leadership of the Federal Housing Authority against proposing amendments to the Act that would allow the agency to assume dual responsibilities of being an operator and regulator at the same time, however, cautioned that doing so would be counterproductive to the realization of government policies and set targets.
Earlier, the Managing Director of the Federal Housing Authority, Gbenga Ashafa who explained that the agency in its bid to provide affordable housing, came up with friendly policies that makes it easy for Nigerians to access housing funds, said the National Housing Funds makes it possible for every Nigerian earning N30,000 and above, to contribute 2.5 per cent of their monthly income to the scheme.
He said once they are able to do that for six months, they become qualified and eligible to access up to N15 million naira according to their monthly income and age.