President Bola Tinubu has approved N126.5 billion in funding to build 100,000 dwellings across the country over the next 18 months.
Arc. Ahmed Dangiwa, Minister of Housing and Urban Development, made the announcement on Thursday during the groundbreaking ceremony for 3,112 housing units and the start of the Renewed Hope Cities and Estates in Karsana, a Federal Capital Territory (FCT) district.
Dangiwa revealed that the funding for the projects will come from a mix of sponsors, including 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. He also stated that the federal government will break ground on 6,000 housing units in the first quarter of this year.
“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.
While reiterating that the ministry chose to start the projects in the Federal Capital Territory because it is the heart of the nation, the minister appreciated the Minister of FCT, Nyesom Wike, who he said was committed to the Renewed Hope Agenda and understands the importance of housing and access roads to residents and was taking steps to improve infrastructure in the FCT.
He said 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.