President Tinubu Approves N126 Billion for Nationwide Housing Provision

President Bola Tinubu has given his approval for the allocation of N126.5 billion towards the provision of housing across the nation, Aso Naija Reports.

This decision aims to facilitate the construction of 100,000 houses within a span of 18 months.

The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, made this announcement during a groundbreaking ceremony held in Karsana, an area in the Federal Capital Territory (FCT).

The funding for these housing projects will be derived from various sources, 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.

In addition, the federal government plans to initiate the construction of 6,000 housing units in the first quarter of the current year.

Arc. Ahmed Dangiwa also emphasized the incorporation of cross subsidy as a significant aspect of the government’s strategy to enhance affordability for individuals with low to medium incomes, thereby promoting integrated living.

According to this approach, the housing units constructed in the Renewed Hope Cities will be available for sale 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.