The Federal Government plans to increase its annual housing budget to a minimum of N500 billion by 2025, up from the current N50 billion.
This proposal, according to the Minister of Housing and Urban Development, Ahmed Dangiwa, is necessary to tackle Nigeria’s housing deficit, estimated at 550,000 units annually, requiring N5.5 trillion yearly.
Dangiwa revealed this during the “Meet the Press” forum, stating that the increased budget would expand the Renewed Homes Initiative, enabling housing projects in all 36 states with at least 500 units per state.
The funding strategy includes Public-Private Partnerships (PPPs), contributions from Shelter Afrique Development Bank, and voluntary contributions from Nigerians.
The government also plans to establish the National Social Housing Fund (NSHF) to provide affordable housing for vulnerable groups.
A proposed N5,000 monthly voluntary contribution from 10% of the population could generate N1.2 trillion, sufficient to build 100,000 homes.
In addition, the Renewed Hope Online Housing Delivery Portal has been launched to streamline housing applications, attracting over 47,605 users and over 1,000 paid applications to date.
The Federal Mortgage Bank of Nigeria has disbursed N59.3 billion in loans, built 2,465 housing units, and created over 61,000 construction jobs since May 2023.
However, Dangiwa stressed the need for more robust funding to meet housing demands and close the deficit within a decade.
