The Federal Government has announced that it is in discussions with the leadership of the National Assembly to raise the annual housing budget to at least N500 billion, beginning with the budget cycle for 2025.
The Minister of Housing and Urban Development, Ahmed Dangiwa, disclosed this information to reporters at the State House on Monday during the session of Meet the Press, a weekly forum hosted by the Presidential Digital Strategy and Communications team.
Dangiwa contended that the appeal was essential because the annual housing budget of N50 billion is significantly insufficient when contrasted with the N5.5 trillion needed each year to tackle the housing deficit.
He said: “This would allow us to expand housing projects to cover the remaining 18 states and increase the unit count per state from 250 to at least 500.
“Financing housing construction is expensive. So, we have devised creative and diversified funding strategies to create an impact under the Renewed Hope Agenda of Mr. President.
“While pursuing PPPs [Public-Private Partnerships], the government must also increase funding for the Renewed Hope Housing Programme.
“As a Ministry, we have championed this advocacy, and there is now widespread recognition that the current N50bn annual budget for housing is grossly inadequate compared to the N5.5 trillion required annually to address the housing deficit.
“Therefore, we have engaged the National Assembly leadership and received their support for increasing the annual housing budget to a minimum of N500 billion, starting with the 2025 budget cycle.”
