Stakeholders in the housing sector have called for a review of the 2024 housing budget to meet up with current realities.
The Executive Secretary of the Association of Housing Corporation of Nigeria, Toye Eniola, said the review of the projected budget for 2024 is unavoidable, according to The Punch.
Also, the Managing Director of Fame Oyster & Co. Nigeria, Femi Oyedele said, given the unrealistic nature of current conditions, particularly about rising prices for key construction materials, it was common practice for the government to review its budget, it was normal for the government to reassess the budget.
He said, “It is normal for the government to review the budget because it is no longer realistic despite the high prices of major building materials like iron rods, cement, sand, and gravel. It is through this process that the budget can be realistic.
A budget serves as an anticipated outline of expenses and activities in project finance, functioning primarily as a planning tool rather than reflecting actual costs. Its adjustment may be necessitated by economic circumstances, particularly when there is a significant increase, prompting a need for review. In this current economic situation, the Nigerian housing budget needs a review.”
