By Ekuson Nw’Ogbunka, Abuja
The Minister of Housing and Urban Development, Ahmed Dangiwa, has appealed for increased funding for seven critical programmes in the housing sector. These programmes include the Renewed Hope Cities and Estates Housing Programme, Slump Upgrading and Urban Renewal Programme, and others. Dangiwa made this request during the budget defence session of the Senate Committee on Housing, held at the National Assembly Complex.
Dangiwa emphasized the importance of these programmes in achieving the transformative policies and programmes of President Bola Tinubu, aimed at putting the economy on the path of recovery and growth. He noted that in the 2024 fiscal year, the sum of N162.609 billion was allocated to the housing sector.
The Minister’s request for increased funding is likely driven by the significant housing deficit in Nigeria, estimated at 20 million units. The Federal Mortgage Bank of Nigeria (FMBN) has been working to address this deficit through various initiatives, including the National Housing Fund (NHF) Scheme.
The FMBN has also introduced new products, such as the Rental Assistance Loan and the Diaspora Mortgage Loan, to cater to the housing needs of Nigerians. Additionally, the bank has provided N100 billion in off-taker guarantees for the Renewed Hope Cities and Estates Programme.
Despite these efforts, the housing sector still faces significant challenges, including the need for affordable housing options for low- and middle-income earners. The Minister’s request for increased funding is a step towards addressing these challenges and achieving the government’s housing development goals.
The Senate Committee on Housing is expected to consider the Minister’s request and make recommendations for the 2025 budget allocation. The outcome of this process will be crucial in determining the future of the housing sector in Nigeria.
