President Bola Tinubu has allocated a substantial sum of N126.5 billion for the ambitious endeavor of constructing 100,000 houses nationwide within a span of 18 months.
This significant announcement was made by the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, during the groundbreaking ceremony for 3,112 housing units and the inauguration of the Renewed Hope Cities and Estates initiative in Karsana, located within the Federal Capital Territory (FCT), on Thursday.
Dangiwa elucidated that the funding for these expansive projects would be drawn from various sources, including the budgetary allocation of the Federal Ministry of Housing and Urban Development, contributions from the Federal Mortgage Bank of Nigeria (FMBN), and collaborations with esteemed developers through Public Private Partnerships.
Additionally, plans were disclosed for the federal government to embark on the groundbreaking of an additional 6,000 housing units in the first quarter of the year.
Expressing gratitude for the President’s endorsement and financial backing, Dangiwa emphasized the allocation of N126.5 billion from both the 2023 supplementary budget and the 2024 budget. This funding encompasses not only the construction of housing units but also initiatives targeting slum upgrades and urban renewal.
Dangiwa highlighted a key strategy to enhance affordability for low- and medium-income earners through the concept of cross-subsidization. According to this approach, while some housing units within the Renewed Hope Cities will be marketed at commercial rates, a significant portion will be offered at concessional rates to eligible members of the Nigeria Labour Congress and the Trade Union Congress.
Acknowledging the pivotal role of the Federal Capital Territory as the nation’s focal point, Dangiwa underscored the importance of commencing these projects in the heart of the country. He extended appreciation to the Minister of FCT, Nyesom Wike, for his unwavering commitment to the Renewed Hope Agenda and his proactive measures in enhancing infrastructure and housing accessibility for residents within the FCT.