The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa has formally requested an annual allocation of N500 billion from the Senate to address the housing deficit across the country under the Renewed Hope Estates and Cities program.
He made this request during an oversight invitation before the Senate Committee on Lands, Housing, and Urban Development, chaired by Senator Aminu Tambuwal, as stated on the Ministry’s website on Wednesday.
Dangiwa emphasized the mismatch between budgetary provisions and the nation’s housing needs, highlighting that N5.5 trillion per annum is required to achieve the annual increase in housing stock of 550,000 units over the next decade, noting that the requested N500 billion represents less than 10% of the needed amount each year.
“There is a massive historic mismatch between the housing and urban development needs of our country versus budgetary provision. Rough statistics show that we need an annual increase in housing stock of about 550,000 units over the next ten years to meet the need. This would require about N5.5 trillion per annum.
“We are aware that all these cannot come from the Government and are working on Public Private Partnerships and other sources of housing finance. But the government needs to do more.
“In the 2023 Supplementary budget, we got N100bn. In 2024 we received approval for about N80bn. This is a far cry from what is needed to make a difference.
“I am taking the opportunity to make a solemn request for your consideration, Distinguished Senators, for the provision of a minimum of N500bn Budgetary Allocation Per Annum to the Ministry. This is less than 10% of the N5.5Trn annual requirement for tackling Nigeria’s housing challenge,” the Housing Minister stated.
Dangiwa emphasized that housing development is a profitable investment, enabling the government to recoup its funds through the construction and sale of houses. This initiative will also create jobs and stimulate the national economy., the Housing Minister stated.
Senate Committee endorses N500 billion annual allocation for housing development
- The statement further disclosed that the Senate Committee on Lands, Housing, and Urban Development has endorsed Minister Arc. Ahmed Musa Dangiwa’s request for an annual N500 billion allocation to support the Renewed Hope Cities and Estates program.
- During the oversight invitation by the committee, Chairman Sen. Aminu Tambuwal assured Minister Dangiwa of full support in achieving the Ministry’s mandate, especially in housing development.
- Vice Chairman Sen. Victor Umeh also supported the request, highlighting the justification for the N500 billion allocation due to the country’s significant housing deficit, inflationary trends, and foreign exchange challenges.
- “At the end of the day, even that N500 billion may not be able to do so much,” he added.
