konga Ad Campaign konga Ad Campaign konga Ad Campaign
ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, July 3, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Housing Estates used to illustration the story. [Photo credit: The Guardian Nigeria]

Housing Estates used to illustration the story. [Photo credit: The Guardian Nigeria]

Nigeria needs 700,000 homes yearly — but govt plans to build only 2,383

byYusuf Akinpelu
October 24, 2019
2 min read

Nigeria is planning to build just about 2,000 homes this year, while the country needs at least 700,000 units annually to breach a huge housing deficit, PREMIUM TIMES can report today.

The World Bank estimates Nigeria’s housing deficit to be 17 million. This figure is increasing yearly by 20 per cent.

Hence, to bridge this gap, the World Bank recommends at least 700,000 units annually “to keep up with growing population and urban migration”.

But the Ministry of Works and Housing plans to construct just 2,383 units of housing in 2019 under the National Housing Programme in 36 states of the Federation and the FCT.

The proposal to construct the houses was presented by the Minister of Works and Housing, Babatunde Fashola, during his appearance before the Senate committee on housing Wednesday.

As of September this year, Mr Fashola said N19.8 billion has been released to the sector.

However, he added, a cumulative outstanding liability of the sector, from 2001 to 2017, stood at ₦78.2 billion.

Reducing Housing Deficit

A 2018 World Bank report “Nigeria Affordable Housing Project” says the biggest constraints to the country’s housing sector are “access to land, lack of infrastructure and service provision, difficulties with construction permitting, high cost of development finance, high construction costs, and lack of skilled labor.”

“On the demand side, major constraints

include access to end user financing, lack of disposable income for housing, and the cost and time of foreclosing.”

The report adds that the private sector is critical in making housing available and affordable in Nigeria, as the government cannot do it alone.

“The government does not have the resources to close the monumental deficit of affordable housing. Property developers cite the need for public support to address the demand and supply market failures before private capital will come in. Demonstrating a successful (and profitable) model to the private sector will be critical to unlock private investment,” the report notes.

Fashola’s projects

Mr Fashola also said the ministry plans to prioritise the completion of ongoing constructions at the federal secretariats in Anambra, Bayelsa, Ekiti, Nasarawa, Osun and Zamfara.

Other projects include: Design and installation of Solar power PV Microgrid System and Energy Retrofitting of the Federal Ministry of Works and Housing Headquarters Mabushi Abuja.

He said: “There is need to meet up with outstanding international Organisations commitment to Shelter Afrique Programme of which Nigeria is a major player.”

He added that the ministry is faced with paucity of budgetary provisions to complete its projects.

“The major factor affecting this sector of the ministry (on the) overall issue of timely completion of projects on schedule or ahead of schedule is insufficient budgetary provision to sustain annual cash flow requirements to meet desired targets as stipulated in the planning stages of all projects,” he said.

2019 Budget Performance

Mr Fashola said ₦428.4 billion was appropriated for capital projects in the three sectors of the ministry when it covered power, works and housing in the 2019 fiscal year.

Capital release stood at ₦83.7 billion. Overhead cost stood at ₦118.9 million and personnel cost at ₦9.5 billion for the three sectors, the minister added.

The minister also said the ministry generated an IGR of N1.6 billion from January to September, 2019.

2020 Proposal

Meanwhile, about N60.8 billion was proposed for capital expenditure in the housing sector of the Ministry in the 2020 appropriation.

Overhead cost was put at N118.9 million and personnel cost at N4.4 billion.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket



Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Court grant’s prosecution’s request for masked witnesses in Agba Jalingo’s trial

Next Post

Only three of Nigeria’s 36 states can survive without federal allocation – BudgIT

Yusuf Akinpelu

Yusuf Akinpelu

Yusuf Akinpelu is PREMIUM TIMES' Head of Data Desk. Prior to this, he covered the National Assembly and fact-checked for Dubawa. He is a graduate of Statistics from the University of Ibadan. He has a penchant for books, debates, and wildlife.

More News

Police officers

Woman pushes down 14-year-old maid from four-storey building

July 3, 2022
President Muhammadu Buhari departs Lisbon, Portugal and arrives Abuja [PHOTO CREDIT: @Buharisallau1]

Ten takeaways from President Buhari’s visit to Portugal

July 3, 2022
Peter Obi, Poju Oyemade, Wike and Atiku

PT State of the Race: Peter Obi’s illiberal supporters and Atiku’s tight rope

July 3, 2022
The British High Commissioner to Nigeria, Catriona Laing [PHOTO CREDIT: George Kaduna/Premium Times]

INTERVIEW: What UK govt is doing about stolen funds, artefacts from Nigeria – British Envoy

July 3, 2022
A transformer used to illustrate the story

Vandals destroy 20 transformers in three weeks – Electricity Distribution Company

July 3, 2022
Logo of a Fintech company, FlutterWave

FinTechs got 63% of total funds raised by Nigerian start-ups in 2021 – Association

July 3, 2022
Next Post
BudgIT-logo

Only three of Nigeria’s 36 states can survive without federal allocation - BudgIT

Barrister Jubril and Yemi Yekini

Mixed emotions as Yekini’s daughter graduates on dad's posthumous birthday

Leave Comment

Search

AUN-PT Ad




Access Bank Ad







Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 13,451 other subscribers.

Advertisement




netherland biz school Advert



ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.