FG to spend N32bn on housing intervention in 2025 budget

The Federal Government has unveiled plans to allocate a substantial N32bn for special housing initiatives in 2025 to address the country’s ongoing housing deficit.

This was revealed in the 2025 executive budget.

The move is part of broader efforts to mitigate the long-standing housing challenges that have affected millions of Nigerians, particularly those in urban areas.

The funds will be distributed across four key housing programmes, each targeting specific aspects of the housing crisis. The programmes include the Federal Integrated Staff Housing Programme, the Family Home Funds Housing Financing Project (focusing on student housing), the Renewed Hope Agenda Housing Scheme, and the National Housing Programme.

The Federal Integrated Staff Housing Programme will receive an allocation of N90,115,000 to continue its efforts to provide affordable housing for federal workers.

This initiative, which has been ongoing for several years, is crucial for improving the living conditions of civil servants, who often face challenges in securing housing due to the high cost of accommodation in urban areas.

A significant portion of the funds will go to the Family Home Funds Housing Financing Project (Student Housing), with N15,471,428,565 earmarked to develop affordable student accommodation.

This project, financed through multilateral and bilateral loans, aims to alleviate the housing shortage in Nigeria’s higher education institutions by providing safe and affordable housing options for students across the country.

In line with the government’s “Renewed Hope Agenda,” the sum of N11,500,000,000 has been allocated for the construction of 20,000 housing units.

This initiative will focus on providing affordable homes for low- and middle-income Nigerians, addressing the pressing need for housing in both urban and rural areas.

Additionally, the Federal Government’s National Housing Programme, under the Economic Recovery and Growth Plan, will continue its efforts to provide affordable homes nationwide, with N5,343,802,400 dedicated to the project.

The scheme, which aims to make homeownership accessible to more Nigerians, is designed to reduce the national housing deficit, which currently stands at over 17 million units.

The Nigerian housing sector has long faced several challenges, including high construction costs, inadequate financing options, and a growing population that places immense pressure on existing infrastructure.

According to a 2022 report by the World Bank, Nigeria needs at least 700,000 new housing units annually to bridge the housing gap.

The government’s intervention comes at a critical time, as rising urbanisation and inflation have further strained the country’s housing market.