2016 Budget Favours Real Estate In Nigeria – Debo Adejana

The national assembly, last week, passed the much controversial yet awaited budget. The budget passed by the Senate and the House of Representatives was 17 billion Naira lower than the figure of 6.07 trillion Naira presented by President Muhammadu Buhari to the National Assembly in December.

We know that the Ministry of Power, Works and Housing got what seems to be the largest chunk of N433.4b. However, is this really the largest chunk considering that these three Ministries merged together to be manned by one man – Babatunde Raji Fashola, are the major sectors the economy need to move forward?

Debo Adejana, MD/CEO Realty Point Limited, reacting to the allocation says the budget for the Ministry of Power, Works and Housing is good enough.

“As for the budget, my opinion is that the N422.9 billion for Works, Power and Housing is good enough and that’s hoping the budget will be adequately funded”

“Even if we think what we have now used to be 3 Ministries together, the total budget for capital expenditure in the  2015 budget was about N556.9b. And the 2016 budget is like 150% higher than 2015 budget. In that sense, 2016 budget seem to be more Capital Project driven than we have had as a country in a long time and for me, that’s a very good thing for the real sector and the economy at large”, He said.

What do you think about the budget?