Abstract: The problem of inadequate and affordable housing has been a recurring decimal in Nigeria since the oil boom era (between early and late 1970s). There have been many mundane and stale goal statements such as �housing for all by the year 2000` and many policy directives on low cost housing. The purpose of this study is to explain why these laudable policies directives have not been fully attained, specifically the objective is to examine and evaluate why the problems of housing shortages persist with a view to providing a basis for intervention. The data for this study were collected with the aid of secondary data. The results of data analysis reveal that housing delivery is beset by several problems that are both inside and outside the control of housing agencies. These bottlenecks have to be removed for smooth performances of these agencies and housing sector in general. Because of the enormity of these problems, it is better for government at the various levels facilitate and provide enabling environment rather than directly executing housing construction and management. The study concludes that the elitist orientation of the existing housing policy should be discouraged. And also the masses-for which the houses are meant, should be brought into the formulation, implementation and review of the policy. The housing policy should be geared towards progressively increasing the supply of high quality and affordable housing units to ease the perennial housing problems in the metropolis. The role of the private sector and local governments in housing should be properly defined, respected by other tiers of government and enhanced as provided for in the new housing policy.