FG Approves N126bn For Housing Provision Nationwide
N126.5 billion has been allocated by President Bola Tinubu to build 100,000 homes across the country in 18 months.
At the groundbreaking ceremony for 3,112 housing units and the opening of the Renewed Hope Cities and Estates in Karsana, an area of the Federal Capital Territory (FCT), on Thursday, the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa revealed this.
In addition to disclosing that the Federal Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN), and public-private partnerships with respectable developers will provide funding for the projects, Dangiwa also announced that the federal government will be initiating the groundbreaking of 6,000 housing units in the first quarter of this year.
You will remember that Your Excellency graciously granted a total of 126.5 billion from the 2023 supplemental and 2024 budget for these initiatives, which include urban redevelopment and slum upgrading. To promote integrated living, we have also made cross-subsidy a crucial component of our efforts to improve affordability for low- to middle-class incomes.
“Under this concept, low- and middle-income Nigerians who are members of the Nigeria Labour Congress and the Trade Union Congress will be able to purchase housing units built in the Renewed Hope Cities at commercial rates while a significant portion will be sold at concessionary rates,” the speaker stated.
The minister praised Nyesom Wike, the Minister of the Federal Capital Territory, saying that he was committed to the Renewed Hope Agenda, understood the importance of housing and access roads for residents, and was taking steps to improve infrastructure in the FCT. The minister reiterated that the ministry started the projects in the FCT because it is the nation’s center.
The creation of a 500-housing Renewed Hope Estate in Kano, 2,500 housing units at the Ibeju-Lekki Coastal City in Lagos, and 250 housing units in 12 states (two per geopolitical zone) called Renewed Hope Estates are among the other projects he mentioned coming on board.