Housing Minister seeks N500 billion annual allocation to deal with Nigeria’s housing deficit
The Minister of Housing and City Improvement, Arc. Ahmed Musa Dangiwa has formally requested an annual allocation of N500 billion from the Senate to deal with the housing deficit throughout the nation beneath the Renewed Hope Estates and Cities program.
He made this request throughout an oversight invitation earlier than the Senate Committee on Lands, Housing, and City Improvement, chaired by Senator Aminu Tambuwal, as said on the Ministry’s web site on Wednesday.
Dangiwa emphasised the mismatch between budgetary provisions and the nation’s housing wants, highlighting that N5.5 trillion each year is required to attain the annual enhance in housing inventory of 550,000 models over the following decade, noting that the requested N500 billion represents lower than 10% of the wanted quantity annually.
“There’s a large historic mismatch between the housing and concrete growth wants of our nation versus budgetary provision. Tough statistics present that we’d like an annual enhance in housing inventory of about 550,000 models over the following ten years to fulfill the necessity. This might require about N5.5 trillion each year.
“We’re conscious that each one these can’t come from the Authorities and are engaged on Public Personal Partnerships and different sources of housing finance. However the authorities must do extra.
“Within the 2023 Supplementary finances, we acquired N100bn. In 2024 we acquired approval for about N80bn. It is a far cry from what is required to make a distinction.
“I’m taking the chance to make a solemn request to your consideration, Distinguished Senators, for the availability of a minimal of N500bn Budgetary Allocation Per Annum to the Ministry. That is lower than 10% of the N5.5Trn annual requirement for tackling Nigeria’s housing problem,” the Housing Minister said.
Dangiwa emphasised that housing growth is a worthwhile funding, enabling the federal government to recoup its funds by the development and sale of homes. This initiative may also create jobs and stimulate the nationwide economic system., the Housing Minister said.
Senate Committee endorses N500 billion annual allocation for housing growth
- The assertion additional disclosed that the Senate Committee on Lands, Housing, and City Improvement has endorsed Minister Arc. Ahmed Musa Dangiwa’s request for an annual N500 billion allocation to help the Renewed Hope Cities and Estates program.
- In the course of the oversight invitation by the committee, Chairman Sen. Aminu Tambuwal assured Minister Dangiwa of full help in reaching the Ministry’s mandate, particularly in housing growth.
- Vice Chairman Sen. Victor Umeh additionally supported the request, highlighting the justification for the N500 billion allocation because of the nation’s important housing deficit, inflationary tendencies, and overseas trade challenges.
- “On the finish of the day, even that N500 billion will not be ready to take action a lot,” he added.
