Real estate stakeholders ask for budget tweak

Stakeholders in the real estate sector of Nigeria are concerned about the World Bank report that put the country’s housing deficit at about 17 million units.

The Nigerian Institute of Estate Surveyors and Valuers (NIESV) has asked the Federal government to re-organise the budget, so that more funds can be used to reduce the housing deficit.

Speaking to the Punch, the first Vice-President of Nigerian Institute of Estate Surveyors and Valuers (NIESV), Dr. Bolarinde Patunola, said “The real estate sector has not witnessed too much patronage from the Federal Government in terms of release of funds. Even from the budget, you will know because sometimes they give it two per cent or four per cent.”

He also added that 'The first thing we expect from the new government is to increase the budgetary allocation to the housing sector. This is the first thing that will indicate whether the government wants to take part in that sector.'

In his response, the Permanent Secretary, Federal Ministry of Lands, Housing and Urban Development, Mr. George Ossi said 'We appreciate the NIESV for identifying with the ministry, especially your contribution towards the progress recorded in the nation’s housing development agenda over the years. The ministry remains keenly interested in partnering with you in the continuous development of the housing sub-sector.'

He also gave assurances that the government will formulate policies that will help grow the real estate sector.