Okechukwu Nnodim, Abuja

The Federal Government on Tuesday charged property developers to reduce their rents and the value of properties in consideration of the economic hardship across the country.

According to the government, the values of properties and rents in other nations of the world are falling as a result of the global economic slowdown being experienced.

Speaking at the inauguration of board members of the Estate Surveyors and Valuers Registration Board of Nigeria in Abuja, the Minister of Power, Works and Housing, Babatunde Fashola, said many houses in Nigeria were empty while a lot of people lacked accommodation.

He said, “For me, I think the most important message I’ll like to share at this inauguration is to pose the question on whether the current land valuation system and values are consistent with the reality of our economy. You as experts must answer that question because we have a very challenging economy.

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