President Bola Tinubu has approved N126.5 billion for the delivery of a total of 100,000 houses nationwide in 18 months.
This was disclosed by the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, during the groundbreaking ceremony for 3,112 housing units as well as the launch of the Renewed Hope Cities and Estates, in Karsana, an area in the Federal Capital Territory (FCT) on Thursday.
Dangiwa, who revealed that the funding for the projects will come from a mix of sponsors comprising the Federal Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN), and Public Private Partnerships with reputable developers, also said that in the first quarter of this year, the federal government would undertake a groundbreaking of a total of 6,000 housing units.
“As you will recall, Your Excellency has graciously approved the total sum of 126.5n from the 2023 supplementary and 2024 budget for these projects including slum upgrade and urban renewal.
We have also made cross subsidy a key part of our efforts to enhance affordability for low-medium income earners to foster integrated living.
“Under this concept, the housing units built in the Renewed Hope Cities will be sold at commercial rate while a substantial percentage will be sold at concessionary rates to low- and medium-income Nigerians who are members of the Nigeria Labour Congress and the Trade Union Congress,” he said.
While reiterating that the ministry chose to start the projects in the Federal Capital Territory because it is the heart of the nation.
Other projects coming on board include 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City, Lagos; the development of a 500-housing unit Renewed Hope Estate in Kano and 250 housing units in 12 states (two per geopolitical zone) as Renewed Hope Estates.