nice vice presido

Thonyb2:

https://.ng/2023/09/11/nigeria-needs-n21trillion-to-bridge-housing-deficit-shettima/

Any business of housing by govt is a scam. Make them leave that area

Huge

In other words foreign loans and borrowing is loading as well as I crease in prices of things. Fuel price, aeectricity tarrifs, VAT and what have you. Govt magic

On Saturday, same Shettima claimed insecurity in the North East alone has caused collateral damages worth about 9 billion dollars. Today he's quoting 21 trillion naira as the needed amount to bridge housing deficits in Nigeria.

For people who rubbished Peter Obi during the campaigns, from whence the infamous "na statistics we go chop" was birthed from the old cranium of that Aso rock drug lord, Tinubu's administration seems to have embraced more bogus statistics than the efforts they're making at delivering governance😂.

You want to use 21 trillion naira to build about 28million apartments, how? Is each one going to be a duplex? Will the houses be situated in the posh areas of each capital city? The way these thieves quote amounts, the outcome of this government just might dwarf the thieving efforts of Buhari's failed administration.

Every government has been saying this thing.....I have been hearing it since obj era.

With open borders, failing West Africa states in addition to the natural progression of Nigeria as a nation, the trillions quoted is optimistic.

If you could suspend births and deaths in Nigeria for one year the population would still increase due to open borders.

mrvitalis:
This is easy to get

In fact let me break it down in case

Implement a housing tax regime of 15% rental value of every house in Nigeria

We have a minimum of 20 million house with a rental value average of say 1 million pet year that's 150,000 x 20,000,000
.. That's 3 trillion

Use this money to give to banks to create a housing mortgage system... Banks can build develop housing low income houses in regions that needs them

Blocks of flash 2 bedroom and 3 bedrooms... Going for 10 million to 20 million each... With a good credit score and 20% down payment you can get a Margate at 5% interest rate for 20 years... So for 15 million house

You would be paying 790k mortgage per year plus your 15% rental value tax

This 3 trillion can build 250,000 flats and generate generate close to 20 billion I'm rental tax to government

Plus additional 50 billion tax from profits from banks
70 billion minimum per year and about 200 billion loan repayment

So you have 270 billion yearly now yo build more flats to sale and boom in 10 years the system can generate over 3 trillion yearly for the government


But what do I know

Cheaper houses for Nigerians,

How many Nigerian families can afford to cough up a million naira as annual rentage?

Rayban25:


theyve started again

oleeeeee

What do you expect from a thieving government?
Tomorrow they will borrow another 5 billion dollars to fix housing projects.
Awon Ole!

BoldBrainz:


How many Nigerian families can afford to cough up a million naira as annual rentage?

So you want them to build the house and dash people?

The millions that pay that in rent... Housing is not for everyone it's meant for people who can afford it

Owing a house by paying less than $1000 a year is a steal

Average income in Nigeria is about $2000 dollars pay year so a man and his wife should at least earn $5000 yearly and if you can't spare 20% for a house of your own


Then it's no bodies fault

mrvitalis:
This is easy to get

In fact let me break it down in case

Implement a housing tax regime of 15% rental value of every house in Nigeria

We have a minimum of 20 million house with a rental value average of say 1 million pet year that's 150,000 x 20,000,000
.. That's 3 trillion

Use this money to give to banks to create a housing mortgage system... Banks can build develop housing low income houses in regions that needs them

Blocks of flash 2 bedroom and 3 bedrooms... Going for 10 million to 20 million each... With a good credit score and 20% down payment you can get a Margate at 5% interest rate for 20 years... So for 15 million house

You would be paying 790k mortgage per year plus your 15% rental value tax

This 3 trillion can build 250,000 flats and generate generate close to 20 billion I'm rental tax to government

Plus additional 50 billion tax from profits from banks
70 billion minimum per year and about 200 billion loan repayment

So you have 270 billion yearly now yo build more flats to sale and boom in 10 years the system can generate over 3 trillion yearly for the government


But what do I know

Cheaper houses for Nigerians,

I like that disclaimer.

mrvitalis:

So you want them to build the house and dash people?

The millions that pay that in rent... Housing is not for everyone it's meant for people who can afford it

Owing a house by paying less than $1000 a year is a steal

Average income in Nigeria is about $2000 dollars pay year so a man and his wife should at least earn $5000 yearly and if you can't spare 20% for a house of your own


Then it's no bodies fault

Much as you slyly failed to answer my question, I agree with you that not every Nigerian "should own" a house, but every head should enjoy the liberty of a decent roof as daily shelter.

You don't erode the purchasing power of a people, then seek that they spend half of the annual earnings just on renting an apartment. You have to be a very callous Capitalist to make a case for this argument. Because nothing excuses the fact that you just posited that it's alright for a man who's earning 2000 dollars annually, to spend half of that amount on annual rents. How is he supposed to foot medical bills? Or pay the tuition? Or keep up with feeding three or more mouths? How does he go about saving for rainy days?

And you forget that lots of homes that are considered "the middle class" have just the men bringing home any reasonable income. So it's befuddling how you arrived at annual earnings in an average Nigerian family to total around 5000 dollars.

In a country where more than half the working population earns 100K or lower😂? Nigga, please!

President-General of Naijeriya, we hear you

BigDawsNet:
Do we need up to that to tackle housing crisis in Nigeria?

with all the millions of empty houses everywhere. yet we have housing crisis.

what do they do with All the federal housing scheme that they deduct from workers salary?

Thief

BoldBrainz:


Much as you slyly failed to answer my question, I agree with you that not every Nigerian "should own" a house, but every head should enjoy the liberty of a decent roof as daily shelter.

You don't erode the purchasing power of a people, then seek that they spend half of the annual earnings just on renting an apartment. You have to be a very callous Capitalist to make a case for this argument. Because nothing excuses the fact that you just posited that it's alright for a man who's earning 2000 dollars annually, to spend half of that amount on annual rents. How is he supposed to foot medical bills? Or pay the tuition? Or keep up with feeding three or more mouths? How does he go about saving for rainy days?

And you forget that lots of homes that are considered "the middle class" have just the men bringing home any reasonable income. So it's befuddling how you arrived at annual earnings in an average Nigerian family to total around 5000 dollars.

In a country where more than half the working population earns 100K or lower😂? Nigga, please!

Housing isn't for everyone sir... Owing a housing isn't for everyone... The housing design can be redesigned to accommodate self con designs of studio apartments... Going for say 3 million payed over 10 years

That's like 300k per year

My idea stands that the principles I liad down is best way to get our housing issue solved

No method is 100% perfect by my solution is the best I have seen

Tackled funding, corruption, Executions and many more

The last time I believed all this trash was when Babangida said, housing for all by the year 2000, I was young then but I foolishly fantasized that as a reality,,23 years after we have more homeless people 👎🏽

Look at this rogue?
Housing deficit for indolent almajiris?

21 trillion naira after the avoidable self destruction. Kai.

mrvitalis:
This is easy to get

In fact let me break it down in case

Implement a housing tax regime of 15% rental value of every house in Nigeria

We have a minimum of 20 million house with a rental value average of say 1 million pet year that's 150,000 x 20,000,000
.. That's 3 trillion

Use this money to give to banks to create a housing mortgage system... Banks can build develop housing low income houses in regions that needs them

Blocks of flash 2 bedroom and 3 bedrooms... Going for 10 million to 20 million each... With a good credit score and 20% down payment you can get a Margate at 5% interest rate for 20 years... So for 15 million house

You would be paying 790k mortgage per year plus your 15% rental value tax

This 3 trillion can build 250,000 flats and generate generate close to 20 billion I'm rental tax to government

Plus additional 50 billion tax from profits from banks
70 billion minimum per year and about 200 billion loan repayment

So you have 270 billion yearly now yo build more flats to sale and boom in 10 years the system can generate over 3 trillion yearly for the government


But what do I know

Cheaper houses for Nigerians,

790k per year is 65,833 per month, and remember we're talking about Nigeria where many people don't even earn up to 50k per month and they spent almost 70% of the money on transportation and food because of hyper inflation, the government need to tackle unemployment and inflation before considering this your analysis

Borrow like your predisessor , it's the norm . And devalue the naira more, we are used to suffering, and because of our tribal and religious differences our rulers can go Scot free after doing things with impunity, the citizens will be insulting one another on social media based on the aformentloned lines.

Looll to thief don dey hunger dis one now now, sorry for poor man for Nija oo

If all the politicians and civil servants who have stolen the nation blind are brought to book, If the genuinely cut down the cost of governance, it will significantly close the so-called deficit.

nomolos92:


790k per year is 65,833 per month, and remember we're talking about Nigeria where many people don't even earn up to 50k per month and they spent almost 70% of the money on transportation and food because of hyper inflation, the government need to tackle unemployment and inflation before considering this your analysis

Do you have a better solution? You want the house given to people for free?

If you earn 50k a month why should you be looking for a 2 bedrom flat? .
. There can be options for studio apartments for 3 million which is 300k per year

If you earn 50k you have no business looking for a personal house a shared space should be what you want

mrvitalis:
This is easy to get

In fact let me break it down in case

Implement a housing tax regime of 15% rental value of every house in Nigeria

We have a minimum of 20 million house with a rental value average of say 1 million pet year that's 150,000 x 20,000,000
.. That's 3 trillion

Use this money to give to banks to create a housing mortgage system... Banks can build develop housing low income houses in regions that needs them

Blocks of flash 2 bedroom and 3 bedrooms... Going for 10 million to 20 million each... With a good credit score and 20% down payment you can get a Margate at 5% interest rate for 20 years... So for 15 million house

You would be paying 790k mortgage per year plus your 15% rental value tax

This 3 trillion can build 250,000 flats and generate generate close to 20 billion I'm rental tax to government

Plus additional 50 billion tax from profits from banks
70 billion minimum per year and about 200 billion loan repayment

So you have 270 billion yearly now yo build more flats to sale and boom in 10 years the system can generate over 3 trillion yearly for the government


But what do I know

Cheaper houses for Nigerians,

First time I'd agree with this guy.
VP Shettima, just give this MrVitalis the mandate to put his conceptualisation into practice.

However, this plan would be faced with two big problems:
1. Depreciation of Naira, because the time frame is long (10yrs) and inflation is always too high in Nigeria.
2. Politicians, rich people, super rich people and the elite class will buy like 73% of all the housing units in bulk so that they can resell and make excess profits in just five years time.
That would defy the original intent of this your plan.

TheMensch:



First time I'll agree with this guy.
VP Shettima, just give this MrVitalis the mandate to put his conceptualisation into practice.

I

I would never work for an illegitimate government not even for a trillion naira

Secondly I'm not available to serve Nigeria not yet maybe in 15 years to 20 years time... Now all my energy is towards building my business

mrvitalis:

I would never work for an illegitimate government not even for a trillion naira

Secondly I'm not available to serve Nigeria not yet maybe in 15 years to 20 years time... Now all my energy is towards building my business

That was by the way though. Who sabi crayfish for inside banga soup?

However, how would this your idea be designed to tackle the problems I updated?

TheMensch:



That was by the way though. Who sabi crayfish for inside banga soup?

However, how would this your idea be designed to tackle the problems I updated?

Depreciation can easily be tackled by a serious government I have listed the simple solutions here..
Just like Peter obi kept saying it's very easy there are low hanging fruits

You have cheap power, cheap labor, available resolved yet 200 million people can't earn $100 billion yearly? Na madness?

Garment industry alone can earn Nigerians $50 billion dollars yearly, but we are protecting a failed cotton industry that we lack comparative advantage in and killing the garment industry

Cassava can earn us $50 billion easily... China would kill for our Cassava chips, high fructose syrub, glucose, gum, ethanol this are just some of the easy products... All we need to do is generate more improved seedlings and make them available

Should we go into leather works? That's another money maker easily

Metal works nko easy money with few legislative frame work it's massive money

ICT is another area we can train our people to earn dollars to stabilize our currency

Medical fields also we need more medical universities, train doctors and send them abroad

Bro the list is many

2) corruption can easily be eliminated if you give it to banks to handle... Banks are profit driven thats all.. Or make one person eligible to one house every 5 years simple

mrvitalis:

Do you have a better solution? You want the house given to people for free?

If you earn 50k a month why should you be looking for a 2 bedrom flat? .
. There can be options for studio apartments for 3 million which is 300k per year

If you earn 50k you have no business looking for a personal house a shared space should be what you want

The exact point is that your analysis is not a solution to the housing problem in our current economy, it can only work in an economy with more improved standard of living otherwise the government will only build houses that a great deal of Nigerians cannot afford and that'd be a waste of scarce resources.

I proferred a solution in my previous comment but it seems you weren't paying attention, the government should tackle the problem of unemployment and also work towards reducing inflation and improving the people's purchasing power before considering your beautiful analysis, that's the better solution!

Hope your online defenders here will get some houses free of charge. What about them taking contracts in supplying the building materials. Modified: The Nairaland defenders association are good for nothing but stipend earners. ( If true at all) while the juicy contracts go to people who know people. What a career defending the undefendable. 😭😭🤣🤣🤣

Ole