President allocates N433.4 billion for housing, more

President Muhammadu Buhari has allocated N433.4 billion for the Ministry of Power, Works and Housing.

While delivering his 2016 budget speech at the Joint session of the National Assembly, Buhari said the increase in expenses is for the fulfillment of the government's goals.

“To deliver our development objectives, we have increased the capital expenditure portion of the budget from N557 billion in the 2015 budget to N1.8 trillion in the 2016 budget. For the first time in many years, capital expenditure will represent 30 per cent of our total budget. In future years, we intend to raise the percentage allocation for capital expenditure."

This presidential allocation comes after the Minister of Power, Works and Housing, Babatunde Fashola, 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.”

With all of the above, it looks like 2016 might be a good year for the real estate sector in Nigeria.

Do you think N433.4 billion is enough to take care of Nigeria's 17 million housing deficit?