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Home Economy Budget

Housing sector to get N60.87 billion allocation in 2020 budget 

Joseph Olaoluwa by Joseph Olaoluwa
October 24, 2019
in Budget, Business News, Politics
FG approves N6.28 billion for 24-month repair works on Third Mainland Bridge

Babatunde Fashola, Minister of Works and Housing

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The Federal Government is proposing the sum of N60.87 billion for capital projects in the housing sector next year. This is an increase from the N35.4 billion which was earmarked the same purpose in last year’s budget.

The Minister of Works and Housing, Babatunde Fashola disclosed this during the 2020 budget defence before the Senate Committee on Housing, chaired by Senator Sam Egwu, in Abuja.

The Details: Fashola proposed the sum of N118,881,182.99 for overheads while he earmarked N4.418,829,837.00 for personnel cost. He explained that the sum of N60.87 billion would be targeted at prioritized projects in the 2020 budget proposals.

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The high priority projects include the completion of 1,155 blocks of 2,383 units of housing under the National Housing Programme in the 36 states of the Federation and the Federal Capital Territory (FCT), as well as the completion of ongoing Federal Secretariats in six states (Anambra, Bayelsa, Ekiti, Nasarawa, Osun and Zamfara).

Proposed NHF Law takes a twist, as top Nigerian experts differ on its impact, Richard Olodu

Other projects expected to gulp money include the Design and installation of solar power PV Microgrid System and Energy Retrofitting of the Federal Ministry of Works and Housing Headquarters Mabushi Abuja.

Due to the housing deficit in Nigeria, the United Nations advised the Nigerian Government to start taxing vacant houses in the country. This advice came from a UN Special Rapporteur on the Rights to Adequate Housing, Leilana Farha who saw the need for the Nigerian Government to address housing challenges in the country by imposing vacant home tax on citizens.

[READ ALSO: Budget 2020: Oil workers to earn N75 billion]

What you should know: Presently, Nigeria’s housing deficit is about 22 million units, and for a country with a population of nearly 200 million people, it will require a minimum of an additional 2 million housing units per annum for 10 years.

The Nigerian government, however, estimated that the housing sector would need about $400 billion investment over the next 25-30 years to resolve this deficit. On the other hand, the World Bank said bridging the deficit would cost the country about N59.5 trillion, which further tallies with the estimation of the Federal Mortgage Bank of Nigeria which puts it at about N56 trillion.


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Tags: Babatunde FasholaOn the MoneySenator Sam Egwu
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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