FG budgets N50bn for 'renewed hope' housing programme

FG budgets N50bn for ‘renewed hope’ housing programme

November 01

20:06 2023

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The federal government has earmarked N50 billion to finance the construction of 40,000 units of housing under the ‘renewed hope’ agenda.

This is contained in the supplementary budget for 2024.

Recently, President Bola Tinubu-led federal government proposed the sum of N26 trillion for the 2024 budget, which will also be submitted to the national assembly before December 31.

The budget sum was approved at the federal executive council (FEC) meeting alongside the 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).

On Monday, FEC approved a N2.17 trillion supplementary budget.

The approval followed the immediate passage by the house of representatives and consideration by the senate.

According to the supplementary budget, the federal government pegged N50 billion national housing program for the construction of 40,000 units of renewed hope mini cities/estates across the 36 states of the federation.

FG also budgeted N50 billion for slum upgrade and urban renewal under the provision of developmental infrastructure and facilities in the six geopolitical zones of the country.

Meanwhile, during his presidential campaign, Tinubu had promised to “make basic healthcare, education, and housing accessible and affordable for all”.

FG ALLOCATES N73.46BN FOR HIGHWAY PROJECTS ACROSS NIGERIA

A breakdown of the supplementary budget showed that the federal government allocated N300 billion to the ministry of works.

Of the total amount, N73,467,210,041 was earmarked for highway projects in the country’s six geopolitical zones.

South-south got the highest allocation and north-central will receive the lowest.

Further breakdown showed the government will set aside N5,960,030,564 for highway projects in the north-central, N8,540,983,471 for projects in the north-east, and N8,561,845,124 for north-west projects.

In the south-east region, the government budgeted N8,441,552,215 for highway projects.

Meanwhile, in the south-south zone, the government earmarked N31,047,059,841 for highway projects while N10,915,738,826 will be spent in the south-west.