FG to reduce housing cost through tax relief

Minister of Lands, Housing and Urban Development Ms. Akon Eyakenyi disclosed this at a press briefing in Abuja.She said upon the granting of the tax relief, building construction materials producers and suppliers are expected to reciprocate through drastic reduction in the prices of building and construction materials.Eyankeyi said the ministry will collaborate with the Federal […]

Minister of Lands, Housing and Urban Development Ms. Akon Eyakenyi disclosed this at a press briefing in Abuja.
She said upon the granting of the tax relief, building construction materials producers and suppliers are expected to reciprocate through drastic reduction in the prices of building and construction materials.
Eyankeyi said the ministry will collaborate with the Federal Ministry of Finance on the concession to be granted to local and imported building materials producers and suppliers.
“Under the affordable housing scheme, estate developers are enjoined to embrace the concept of mixed development in housing delivery and ensure that at least 20 percent of the total number of housing units built in a project site are allocated to low-cost housing ranging between N1.5 million and N5 million  for one-three-bedroom houses,” she stated.
She said the ministry is collaborating with domestic producers for the supply of building materials to estate developers at factory prices.