Alternatively, the N37 billion earmarked for the National Assembly renovation will also reduce housing deficit across the six geopolitical zones of the country if channelled to the sector. According to building professionals and contractors surveyed online, it will cost between N3 million and N4 million to build a modest 2 bedroom flat depending on the location in Nigeria (excluding the cost of the land).
The N37bn can therefore build about 12,333 units of 2-bedroom bungalows at the cost of N3m if the money is invested into building low-cost housing for Nigerians across the country, thereby helping to reduce the over 17 million housing deficit in the country.
By implication, the money is enough to comfortably construct 2,055 bungalows for Nigerians from each of the six geopolitical zones. A Lagos-based economic expert, Abdullahi Adeoti, said renovating the National Assembly at N37bn at a time this administration is preaching belt-tightening is hypocritical. He said N37bn can construct at least 70km of standard road in a location that is critically in need of access road to fast track economic activity.
The distance between Lagos and Ibadan by road is 138km. The Executive Director, OJA Development Consult, Mr. Jide Ojo, said it is most unfortunate that such mind-boggling sum of money will be earmarked for renovation of part of the National Assembly.
Mr Ojo, who is also a public commentator and newspaper columnist, said considering the high level of poverty and dearth of infrastructure in the country, such huge resources should have been used to provide better welfare services and infrastructure for the populace.
Source: dailytrustng
