The real estate market in Nigeria’s capital is poised for significant growth if the Federal Government heeds the call for increased budget allocation by Ahmed Dangiwa, the Minister of Housing and Urban Development.
During a budget defense session before the Senate Committee on Housing at the National Assembly Complex, Dangiwa outlined the critical need for enhanced funding to implement seven transformative programs in the housing sector.
Key Programs for Economic Growth
Among these initiatives are the Renewed Hope Cities and Estates Housing Programme and the Slum Upgrading and Urban Renewal Programme, both designed to address housing deficits and stimulate economic activities nationwide.
Dangiwa highlighted that the Renewed Hope Cities and Estates Housing Programme aims to construct 50,000 housing units in its first phase, with the potential to generate 1,250,000 direct and indirect jobs across various sectors.
“Esteemed members of this Committee, I respectfully request your support to augment the budgetary allocation in these pivotal areas to align with the President’s transformative housing agenda and steer the economy toward recovery and growth,” Dangiwa stated.
Financial Challenges and Liabilities
The Minister emphasized that the current budget allocation is insufficient to achieve the desired outcomes, particularly for the Slum Upgrading and Urban Renewal Programme. He stressed that increased funding of at least N100 billion is essential for optimal progress across all geopolitical zones.
Additionally, he raised concerns about the Ministry’s accumulated liabilities, amounting to over N92 billion, from completed projects awaiting payment. Dangiwa called for a minimum budget allocation of N60 billion in 2025 to address these financial obligations and ensure project continuity.
Senate Pledges Support
In response, the Chairman of the Senate Committee on Housing, Senator Aminu Tambuwal, assured the Minister of the Committee’s unwavering commitment to resolving the Ministry’s financial challenges. He pledged to collaborate with relevant authorities to secure the necessary funds, thereby easing the financial burdens faced by the Ministry and its contractors.
This strategic budgetary appeal marks a significant step toward revitalizing the housing sector and fostering economic development, with transformative impacts anticipated for both urban and rural communities.
