In a significant move to address the nation’s housing deficit, President Bola Tinubu has authorized the allocation of N126.5 billion for the construction of 100,000 houses across Nigeria within the next 18 months.
The announcement came from the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, during the groundbreaking ceremony for 3,112 housing units and the launch of Renewed Hope Cities and Estates in Karsana, within the Federal Capital Territory (FCT) on Thursday.
Minister Dangiwa outlined the funding structure for the projects, which includes contributions from the Federal Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN), and partnerships with reputable developers through Public Private Partnerships (PPPs).
He also revealed plans for the groundbreaking of an additional 6,000 housing units in the first quarter of the year.
The Minister emphasized President Tinubu’s commitment to enhancing affordability for low- and medium-income earners through innovative strategies such as cross-subsidy.
Under this approach, housing units within Renewed Hope Cities will be sold at commercial rates, with a significant percentage allocated at concessionary rates to members of the Nigeria Labour Congress and the Trade Union Congress.
Explaining the choice to commence projects in the FCT, Minister Dangiwa praised the efforts of FCT Minister, Nyesom Wike, in supporting the Renewed Hope Agenda and prioritizing infrastructure development within the capital city.
Among the upcoming projects highlighted by the Minister are 2,500 housing units within the Ibeju-Lekki Coastal City in Lagos, a 500-housing unit estate in Kano, and 250 housing units in 12 states across the geopolitical zones as part of the Renewed Hope Estates initiative