President Bola Tinubu has approved the sum of N126.5 billion to spearhead the delivery of 100,000 homes nationwide within the 18-month timeline.
This significant development was disclosed by the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, amidst the groundbreaking ceremony for 3,112 housing units in the Karsana area of the Federal Capital Territory (FCT) on Thursday.
Dangiwa elaborated that the financial backing for these ambitious projects would be sourced from a diverse array of contributors, including the Federal Ministry of Housing and Urban Development’s budget allocation, the Federal Mortgage Bank of Nigeria (FMBN), and strategic Public Private Partnerships with reputable developers.
Furthermore, the minister outlined plans for the federal government to initiate groundbreaking ceremonies for an additional 6,000 housing units in the first quarter of the year.
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“In the first quarter of this year, the federal government would undertake a groundbreaking of a total of 6,000 housing units,” Dangiwa announced.
He went on to highlight President Tinubu’s gracious approval of the substantial sum from both the 2023 supplementary and 2024 budgets, earmarked specifically for these projects, including slum upgrades and urban renewal initiatives.
“We have also made cross subsidy a key part of our efforts to enhance affordability for low-medium income earners to foster integrated living,” the minister added.
Dangiwa emphasized a novel concept wherein housing units within the Renewed Hope Cities would be marketed at commercial rates, with a significant percentage reserved for sale at concessional rates to low- and medium-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.
“This concept aims to ensure that housing units built in the Renewed Hope Cities will be sold at commercial rates 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 elucidated.