Senator seeks increased funding for affordable housing provision

Senator Osita Izunaso is advocating for increased funding and legislative reforms to enhance affordable housing delivery in Nigeria.

The senator, who also serves as Chairman of the Senate Committee on Capital Markets and a member of the Senate Committee on Housing, made this declaration on African Housing Television monitored by our correspondent.

The senator expressed dissatisfaction with the current budgetary allocation for housing in the 2025 appropriation, describing it as insufficient to address the housing deficit. He highlighted the significant reduction in funding for the Renewing Hope Housing Development Project, which he had championed in earlier budget cycles.

The senator, representing Imo West Senatorial District, stressed the importance of housing as a fundamental human need, noting its critical role in the productivity and well-being of citizens.

“Housing is one of the cardinal things of life. If you don’t have a roof over your head, your productivity will be low, and you might even fall ill. Housing is something that everybody should be involved in promoting, especially affordable housing delivery for our people,” he stated.

“In 2023, the supplementary budget allocated 100 billion for this project. In 2024, it was reduced to 90 billion. Shockingly, in 2025, only 37 billion has been allocated, and only a fraction of that is dedicated to the Renewing Hope Housing Project,” Izunaso said.

To address the shortfall, Senator Izunaso called on the Federal Ministry of Housing and Urban Development to “think outside the box” by leveraging private-public partnerships (PPPs) and attracting resources from private sector players, international financiers, and other stakeholders.

According to him, the ministry cannot rely solely on budgetary allocations.

“We must create an enabling environment for private developers and attract international organizations willing to invest in affordable housing. This is crucial to bridging the funding gap and ensuring the delivery of at least 20,000 housing units annually,” he said.

The senator also condemned the outdated housing laws in the sector, seeking their review.

These outdated laws include the Federal Mortgage Bank Act, Federal Housing Authority Act, and the National Housing Fund Act, describing them as obsolete and incapable of addressing current challenges.

“These laws can no longer stand the test of time. They need to be repealed and reenacted. I am committed to leading the legislative push for these reforms to establish a modern housing framework,” he said.

He underscored the need for a robust mortgage system to make homeownership accessible to Nigerians, emphasising long-term payment plans.

According to him, housing delivery must be mortgage-backed, as is the practice worldwide.

He added that Nigerians should be able to own homes and pay over 30 years through a proper mortgage system.

“Anything less is unsustainable,” he said.

As part of his recommendations, Izunaso called for a review of the National Housing Policy and advocated for the Central Bank of Nigeria (CBN) to intervene in the housing sector as it does in agriculture.

“We can declare a housing crisis in Nigeria and involve the CBN as an intervention agency. Interest rates from commercial banks are too high, making housing unaffordable for most Nigerians. We must find creative solutions to these challenges,” he added.

The Executive Director, Housing Development Advocacy Network, Festus Adebayo, commended the senator’s proactive approach and commitment to housing reforms, urging other lawmakers to prioritize affordable housing. Festus

He pledged its continued support in mobilizing stakeholders and advocating for increased government attention to the sector. He said the distinguished senator is the most housing-friendly senator in Nigeria today.

‘I have records of his achievements as chairman of of the House Committee on Housing some years ago,” Adebayo said.

Senator Izunaso reiterated his dedication to championing legislative and policy reforms that will make housing more accessible and affordable for all Nigerians, stating, “The journey to affordable housing is challenging, but with the right strategies, commitment, and partnerships, we can achieve it.”

HDAN, which boasts a membership of over 5,000 professionals across the housing and construction industry, has consistently championed innovative solutions to Nigeria’s housing challenges.

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