Only 2,439 housing units can be delivered by Nigeria in its 2024 housing allocation.
Appropriations for 2024 were approved by the President of Nigeria, President Bola Ahmed Tinubu, who also approved the financial allotments for the Federal Ministry of Housing and Urban Development and Federal Housing Authority, among other ministries and government-owned enterprises. Below is an explanation of each institution’s housing allotment.
The Breakdown
The 2024 Appropriations bill was recently signed into law by the President of Nigeria, approving the budgetary allocations for various ministries and government-owned entities, such as the Federal Housing Authority and the Federal Ministry of Housing and Urban Development, which are both in charge of providing housing in the nation.
Nigeria now has a 28 million unit housing shortfall, according to Dataphyte. In addition, only 32.5% of Nigerians living in urban areas own their homes, according to the 2019 Nigeria Living Standards Survey, while more than 49% of urban households rent. These figures highlight the significance of taking practical steps and allocating sufficient funds to reduce the nation’s affordable housing deficit.
In his campaign manifesto, President Tinubu proposed a plan for home ownership that featured a chart referencing the total addition of 24 million housing units by 2028, which would mean an annual addition of 4 million housing units starting in 2023.
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