Business
Institute Urges MDAs To Stop Building Houses
Sequel to Federal Government’s recent partnership with the organised private sector, the Nigerian Institute of Quantity Surveyors (NIQS), has urged Ministries, Departments and Agencies to withdraw from building housing units.
The institute has noted that the budget for housing is better spent on augmenting the resources for mortgages for all classes of Nigerians.
Making it’s study on the 2012 budget known recently, the Think-Tank of the NIQS suggested ways by which the Federal Government, through its budget could utilise the construction sector, as a major contributor to the agenda of transformation in the country.
In the study release which was made available to The Tide, the NIQS posited that the overhaul of the total housing and ecology, particularly as it touches the role of the MDAs is long overdue.
The study posited “we hope that these reforms, to be encapsulated in a new National Housing policy will be completed by the second quarter of 2012.”
According to the committee which was directed by its president, Mr. Agele Alufohai – “Nigeria is estimated to have a deficit of more than 16 million housing units, the best way of resolving the country’s housing crisis and unleashing N60 trillion (the cost of constructing the required number of houses) to the industry is creating a system of long-term mortgage financing for millions of Nigerians.”
Such structural change, the body said, will affect the role fo ministries and agencies in the sector and hence the provision for them in the budget.
Corlins Walter
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
