TINUBU HIGHLIGHTS HOUSING GAINS, SAYS RENEWED HOPE AGENDA IS DELIVERING THOUSANDS OF HOMES NATIONWIDE

TINUBU HIGHLIGHTS HOUSING GAINS, SAYS RENEWED HOPE AGENDA IS DELIVERING THOUSANDS OF HOMES NATIONWIDE

President Bola Ahmed Tinubu has highlighted the progress recorded under his administration's housing agenda, stating that the Renewed Hope programme is steadily delivering on its promise to expand access to affordable housing and home ownership for Nigerians.

In a statement reflecting on the administration's housing achievements, the President said the government had remained committed to making decent housing accessible to citizens and creating opportunities for hardworking families to own homes after years of dependence on rented accommodation.

Tinubu noted that his administration had initially promised a large-scale housing programme targeting 100,000 homes nationwide, with 50,000 units planned for the first phase through housing cities across the six geopolitical zones and the Federal Capital Territory, as well as estates in other states of the federation.

According to the President, several of the projects have moved beyond the planning stage and are currently under construction. He disclosed that more than 3,000 housing units are being developed in Karsana, Abuja, while the 2,000-unit housing city at Ibeju-Lekki in Lagos has reached an advanced stage of completion, with sales already underway.

He added that over 15,000 housing units are currently under construction across different parts of the country as part of the administration's efforts to reduce Nigeria's housing deficit.

Tinubu also emphasized that the government's strategy extends beyond building houses to addressing structural challenges within the housing sector. He said efforts are ongoing to improve land title registration in collaboration with the World Bank, with the aim of increasing access to formal land ownership and unlocking economic opportunities tied to property assets.

The President further stated that reforms have been introduced to strengthen the framework governing equipment leasing, making it easier for developers and contractors to access construction machinery and financing required for large-scale projects.

He noted that the administration has also introduced transparent pricing mechanisms for government-backed housing projects and established building materials hubs across the six geopolitical zones to encourage local production and reduce construction costs.

On housing finance, Tinubu disclosed that 1,859 families across 25 states have accessed mortgage facilities valued at ₦128 billion through the MOFI Real Estate Investment Fund. He said the mortgages are offered at a fixed interest rate of 9.75 per cent with repayment periods extending up to 20 years.

The President also highlighted the role of Family Homes Funds in providing housing opportunities for low-income earners and vulnerable groups, including widows, under a programme designed to support the delivery of 500,000 homes and generate an estimated 1.5 million jobs.

While acknowledging that Nigeria's housing deficit remains significant, Tinubu said the administration is focused on long-term solutions rather than short-term promises.

He maintained that progress is being achieved through a coordinated approach that addresses land acquisition, title documentation, construction, building materials, equipment access, financing, and home ownership.

According to him, housing has evolved beyond a social welfare issue and is now being positioned as a key driver of economic growth, with the real estate and construction sectors contributing significantly to national output.

The President reiterated that the Renewed Hope housing initiative is aimed at ensuring more Nigerians have access to decent and affordable homes while supporting job creation and economic development across the country.