Tinubu Unveils N126 Billion Housing Initiative, Aims To Deliver 100,000 Homes Nationwide

Tinubu Unveils N126 Billion Housing Initiative, Aims To Deliver 100,000 Homes Nationwide

In a groundbreaking move aimed at addressing the nation’s housing deficit, President Bola Tinubu has given the green light for the allocation of N126.5 billion towards the provision of 100,000 housing units across the country within the next 18 months….READ ALSO Tinubu Takes Stand: Advocates For Social Media Regulation

The announcement was made by the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, during the commencement ceremony for 3,112 housing units in the Karsana area of the Federal Capital Territory (FCT) on Thursday.

Dangiwa disclosed that the funding for these ambitious projects will be sourced from a variety of channels, including the Federal Ministry of Housing and Urban Development’s budgetary allocation, support from the Federal Mortgage Bank of Nigeria (FMBN), and strategic partnerships with reputable developers through Public Private Partnerships.

Highlighting the government’s commitment to addressing the housing needs of Nigerians, the minister revealed plans for the groundbreaking of an additional 6,000 housing units in the first quarter of the year.

He stated, “Your Excellency has graciously approved the total sum of 126.5 billion from the 2023 supplementary and 2024 budget for these projects, including slum upgrade and urban renewal. We have also prioritized cross-subsidy as a key strategy to enhance affordability for low to medium-income earners, promoting integrated living.”

Under the cross-subsidy concept, housing units in the Renewed Hope Cities will be made available at commercial rates, with a significant portion allocated at concessionary rates to low- and medium-income Nigerians, particularly members of the Nigeria Labour Congress and the Trade Union Congress, fostering inclusivity and equitable access to housing.