Tinubu Approves N126 Billion For Nationwide Construction Of Houses

President Bola Ahmed Tinubu has approved the allocation of N126.5 billion to facilitate the construction of 100,000 houses across the states of the federation within 18 months.

The Minister of Housing and Urban Development, Arc announced the development. Ahmed Dangiwa, during the groundbreaking ceremony for 3,112 housing units in the Karsana area of the Federal Capital Territory (FCT).

According to Dangiwa, the funding for these projects will be sourced from a combination of sponsors, including the budgetary allocation of the Federal Ministry of Housing and Urban Development, the Federal Mortgage Bank of Nigeria (FMBN), and Public-Private Partnerships with reputable developers.

Additionally, the minister stated that in the first quarter of this year, the federal government plans to construct 6,000 housing units.

“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,” Dangiwa mentioned.