President Tinubu allocates N126 Billion for Nationwide Housing Provision

President Bola Tinubu has greenlit the allocation of N126.5 billion to facilitate the construction of 100,000 houses across the country within 18 months. This announcement came from the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, during the groundbreaking ceremony for 3,112 housing units and the launch of Renewed Hope Cities and Estates in Karsana, Federal Capital Territory (FCT).

Dangiwa disclosed that the funding for these projects will be sourced from various avenues, including the Federal Ministry of Housing and Urban Development’s budget allocation, the Federal Mortgage Bank of Nigeria (FMBN), and Public Private Partnerships with reputable developers. Additionally, he revealed plans for the federal government to commence the groundbreaking of 6,000 housing units in the first quarter of the year.

He further emphasized President Tinubu’s approval of N126.5 billion from the 2023 supplementary and 2024 budget for these initiatives, including slum upgrade and urban renewal. Dangiwa highlighted the incorporation of cross-subsidy strategies to improve affordability for low to medium-income earners and promote integrated living.