Reps okay housing ministry budget raise to N500bn | Prestige Real Estate News

The House of Representatives has approved the upward review of the budget of the Ministry of Housing and Urban Development to N500bn, to tackle housing deficits in the country.

The Chairman of the House of Representatives Committee on Housing, Ahmed Lere, disclosed this in a meeting with the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, in Abuja, recently.

Dangiwa had called for an increase in the annual budget allocation for housing development to address the huge housing deficit in Nigeria.

Though he noted the transformative efforts of the ministry in the previous year, he decried the insufficient allocation it received.

“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,” he said.

He noted that the government needed to do more to address the housing challenge, which required a minimum of N500bn in additional allocation per annum for the renewed home cities and health care programme.

The minister highlighted the importance of housing in creating jobs, stimulating local industries, and improving the local economy.

He emphasised that investing in housing was not free money, as the houses built could be sold, and the revenue generated could be recovered over time.

Dangiwa also mentioned the establishment of the National Social Housing Fund, which aimed to provide affordable housing for low-income earners and the vulnerable.

He noted that the fund would be sourced from budgetary allocation, executive orders, tax incentives, private sector donations, and other sources.

The minister also stated that the National Land Registration and Titling Programme, aimed to improve land formalisation and liberate land as an economic asset.

He noted that the ministry would partner with state governments to achieve the programme’s goals.

Furthermore, Dangiwa highlighted the challenges facing the ministry, including the review of the Land Use Act, unpaid liabilities, and the untimely release of funds.

He also mentioned the need for additional manpower and adequate funding for legal services.

The minister expressed his appreciation for the consistent support and understanding of the House Committee on Housing and urged them to continue their support for the ministry’s initiatives.

Meanwhile, Lere expressed satisfaction with the minister’s presentation, stating that it addressed most of the questions and concerns he had.

He emphasised the need for increased funding to achieve the housing policy thrust of the current administration, as outlined in the Renew Hope Agenda.

“I believe that together we are going to make history and put an end to that persistent challenge. We are in total support of the Land Commission, and we will play our part to see that we get that done. And I believe that I have the total support of my committee members for us to be able to increase their budgetary allocation to N500bn.

“And let me also say, by that increment, we are not doing them a favour. It is in line with the housing policy thrust of the present administration. So if we are to achieve the policy trust the way it is defined in the Renew Hope Agenda, then we will need that amount.

“If they would not need it, you all know who we are. We will say they do not need it. Perhaps they would need even more, but let’s start with N500bn,” he added.

The committee chairman also highlighted several challenges facing the ministry, including the Land Use Act, regulatory frameworks, liabilities, and manpower shortages.

He assured the minister of the committee’s support in addressing those issues and urged the ministry to take decisive action.

Lere also emphasised the need for the ministry to take charge of coordinating various housing programmes and agencies to ensure a unified approach to addressing the housing deficit.

He instructed the minister to play a coordinating role and provide a bigger picture of the housing sector’s status.

The committee chairman expressed concern over building collapse cases and the loss of lives and property.

He urged the minister to come up with a plan to integrate regulatory compliance and enforcement in the housing sector.