Housing minister to spend N66bn on real estate sector

Inemesit Udodiong 17:02 - 16 February 2016

Minister of Power, Works and Housing, Babatunde Fashola

The Minister of Power, Works and Housing, Babatunde Raji Fashola, has revealed the exact percentage to be spent on the real estate sector.

The Minister of Power, Works and Housing,

Vanguard reports that Fashola has alloted N66bn, which is 15% of the 2016 N433billion budget, to housing.

While defending the Ministry’s budget for 2016, before the Committee on Works at the House of Representatives and Senate, Fashola also alloted N268bn, 62%, to Works, and N99bn, 23% to Power.

Last year, the Minister announced that N10 billion might be set aside for housing in the 2016 budget.

"Only N1.8 billion was budgeted for housing in 2015. This has to change to at least 10 billion per annum. There are models this government can key into like the Shagari, Jakande schemes.”