President Bola Tinubu has approved a substantial budget of N126.5 billion for the construction of 100,000 housing units within 18 months.
This announcement came through the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, during the ceremony held for 3,112 housing units in Karsana, a region within the Federal Capital Territory (FCT), on Thursday.
The funding for this housing project is set to be sourced from various channels, including the Federal Ministry of Housing and Urban Development’s budget allocation, the Federal Mortgage Bank of Nigeria (FMBN), and partnerships with esteemed developers in the form of Public-Private Partnerships (PPPs).
Minister Dangiwa further disclosed plans for the commencement of an additional 6,000 housing units groundbreaking in the first quarter of the year, emphasising President Tinubu’s commitment to tackling the housing crisis.
“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,” stated Minister Dangiwa, highlighting the comprehensive approach to housing development.
Under the Renewed Hope Cities initiative, the housing units will be offered at commercial rates, with a significant portion allocated for sale at concessionary rates to low- and medium-income earners, particularly members of the Nigeria Labour Congress and the Trade Union Congress. This strategy is said to promote integrated living while enhancing affordability for those in need.
Explaining the choice to commence the projects in the Federal Capital Territory, Minister Dangiwa stressed its significance as the heart of the nation. He commended the Minister of FCT, Nyesom Wike, for his dedication to the Renewed Hope Agenda and his understanding of the crucial role played by housing and infrastructure in improving the lives of residents.
This announcement of approval is coming days after the president had appointed his son-in-law Mr Oyetunde Ojo as the Managing Director and Chief Executive Officer of the Federal Housing Authority (FHA). Mr Ojo is Folashade Tinubu Ojo’s husband, the Iyaloja of Lagos.
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