Tinubu’s Housing Plan: N126.5bn for 100,000 Units in 18 Months

ABUJA, (iexclusivenews) – President Bola Tinubu has unveiled a massive housing plan that aims to build 100,000 units nationwide within 18 months.

The plan, which has a budget of N126.5 billion, was announced by the Minister of Housing and Urban Development, Arc. On Thursday, Ahmed Dangiwa inaugurated 3,112 units in Karsana, a suburb of the Federal Capital Territory (FCT).

Funding Sources and Partnerships

According to Minister Dangiwa, the housing plan will be funded by various sources, such as the Federal Ministry of Housing and Urban Development’s budget allocation, the Federal Mortgage Bank of Nigeria (FMBN), and Public-Private Partnerships (PPPs) with reputable developers.

He said that President Tinubu has given his approval for the allocation of N126.5 billion from the 2023 supplementary and 2024 budget for the housing projects, as well as slum upgrade and urban renewal initiatives.

Renewed Hope Cities Initiative

The housing plan is part of the Renewed Hope Cities initiative, which aims to provide affordable and quality housing for Nigerians, especially low- and medium-income earners.

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Minister Dangiwa said that under this initiative, the housing units will be sold at commercial rates, but a large percentage will be reserved for concessionary rates for members of the Nigeria Labour Congress and the Trade Union Congress.

He added that this will foster social integration and economic inclusion for the beneficiaries.

FCT as the Pilot Location

Minister Dangiwa explained that the FCT was chosen as the pilot location for the housing plan because of its strategic importance as the nation’s capital.

He praised the Minister of FCT, Nyesom Wike, for his support and cooperation with the Renewed Hope Agenda and his recognition of the vital role of housing and infrastructure in enhancing the well-being of the residents.

Son-in-Law as FHA Boss

The announcement of the housing plan comes shortly after President Tinubu 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 married to Folashade Tinubu Ojo, the Iyaloja of Lagos. The appointment has raised some eyebrows among critics who accuse the president of nepotism and favoritism.

However, supporters of the president have defended his decision, saying that Mr Ojo is a qualified and experienced professional who can deliver on the housing mandate.

This initiative carries both promise and scrutiny. While the N126.5 billion investment and rapid construction timeline are encouraging, concerns regarding favouritism and project execution persist.

Will Mr. Ojo’s appointment ensure transparent and efficient implementation? Can the ambitious targets be met while maintaining quality and affordability?

Only time will tell if this “Renewed Hope Cities” initiative delivers as promised. One thing is certain: Nigeria’s housing landscape is poised for a significant transformation!