‘Budget Delay, Bane Of Housing Delivery ’

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A stakeholder in the housing sector, Mr Kevin Buchim, has identified budget delays as bane of housing delivery.
Buchim made the statement in an interview with The Tide in Port Harcourt, Monday.
He noted that budget delays impact negatively on housing delivery, explaining that it brings about uncertainty in the sector as to the amount of money that is expected to be spent in the sector.
According to him,” delays in budget delivery lead to uncertainty and cause investors to be skeptical and hold on to their funds because they need to know what the government is willing to invest in the sector’’.
He stressed that delays in budget lead to huge revenue losses required to stimulate the sector, saying: “that budgets are required to stimulate the economy because money is pumped into the system and so it should never be delayed’’.
Buchim explained that Nigeria, being a developing country, has government as the biggest spender, stressing that budget delays bring about cash squeeze that affects different strata of the built environment.
Furthermore, he said delays create price fluctuations due to the uncertainty of the budget implementation, noting that manufacturers depend on government oil price benchmarks.