Tinubu Approves N126bn For Housing Provision Nationwide
According to reports, President Tinubu approves N126 billion for national housing provision.
President Tinubu reportedly approves N126 billion for housing provision nationwide. 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.
N126.5 billion has been approved by President Bola Tinubu to build 100,000 homes across the country in 18 months.
This was revealed on Thursday during the Renewed Hope Cities and Estates launch and groundbreaking ceremony for 3,112 housing units in Karsana, a region of the Federal Capital Territory (FCT). The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, made this revelation.
The federal government will kick off the groundbreaking of 6,000 housing units in the first quarter of this year, according to Dangiwa, who also disclosed that the funding for the projects will come from a variety of sponsors, including the Federal Mortgage Bank of Nigeria (FMBN), the Federal Ministry of Housing and Urban Development's budgetary allocation, and Public Private Partnerships with qualified developers.
This was made public on Thursday at the groundbreaking ceremony for 3,112 housing units in Karsana, a part of the Federal Capital Territory (FCT), as part of the Renewed Hope Cities and Estates project. This information was disclosed by Arc. Ahmed Dangiwa, the Minister of Housing and Urban Development.
“As you will recall, Your Excellency has graciously approved the total sum of 126.5bn 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.
The minister commended 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.
He stated that additional projects that will be implemented are the construction of 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City in Lagos; 500 Renewed Hope Estate housing units in Kano; and 250 Renewed Hope Estates housing units spread across 12 states (two in each geopolitical zone).
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