FG Set to Build 77,400 Houses for Nigerians as Building Materials Increase, Lists Those to Benefit

• The federal government announced plans to construct 77,400 housing units to benefit low-income individuals
• The project will be implemented under the Renewed Hope Social Housing Program, which is set to debut soon
• It aims to expand access to affordable homes by tackling the country's housing deficit exper8ienced in the country

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market

Plans to build 77,400 homes have been announced by the federal government, with 80% set aside for low-income individuals who will make payments over time using a third of their monthly salary.

Furthermore, 20% of the units will be given to underprivileged groups at no cost.

The project will be carried out under the soon-to-be-launched Renewed Hope Social Housing Programme and aims at supplying 100 housing units in each of the nation's 774 local government districts.

By addressing the nation's housing shortage, this program seeks to increase access to reasonably priced housing.

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More about the 77,400 houses project

The Renewed Hope Infrastructure Development Fund (RHIDF), which supports large-scale housing projects, will be used to fund the initiative.

To provide residents with a well-rounded environment, each housing estate will be furnished with necessary community facilities such as schools, clinics, parks, police stations, and commercial centers.

The social housing program is a component of a larger national housing strategy that also includes the creation of Renewed Hope Cities and Renewed Hope Housing Estates to provide long-term, affordable housing options across the nation.

The government plans to sell 80% of the housing units at reasonable prices and set aside the remaining 20% for the most vulnerable residents to promote an inclusive housing system that is available to all Nigerians.

Housing minister reacts

Ahmed Musa Dangiwa, Minister of Housing and Urban Development, while hosting a group from Creative Sphere Limited at the Ministry's Mabushi offices, said:

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“The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa has revealed that the much-talked-about Renewed Hope Social Housing Programme will soon be launched by President Bola Ahmed Tinubu as part of initiatives to address the housing needs of Nigerians, regardless of class or income level,” the statement read in part.

“Arc. Dangiwa explained that the Renewed Hope Social Housing Programme is designed to provide homes for low-income earners, the unemployed, vulnerable groups, and Internally Displaced Persons (IDPs), covering both the formal and informal sectors.

“Regarding the allocation of the houses, the Minister explained that 80% of the houses will be sold to Nigerians living in the local government areas who earn a living wage, adding that interested individuals will be required to contribute one-third of their monthly income. The remaining 20% of the housing units will be allocated free of charge to citizens with low or no income, such as widows, orphans, and others identified as vulnerable in society.”

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Dangiwa also noted that the houses are expected to be completed within a year from the programme’s launch.

Fawas Hamzat, while reacting to this, said that the development is a great one as long as those who are meant to benefit actually benefit from the project.

He said,

"You know in Nigeria, when a project commences, the whole thing starts going well until it is politicised after a while. I hope this will not be the case."

FG finally moves to lower building material costs

Legit.ng reported that Ahmed Dangiwa said the government was making a concerted effort to create centres for the production of building materials.

Dangiwa clarified that the federal government's plan to set up manufacturing centers for construction materials in six geographical zones was intended to lower building material costs and greatly increase home affordability in Nigeria.

During a recent ministry-organized meeting with housing industry stakeholders at the Radisson Blu Hotel in Ikeja, Lagos, with the theme "Development of Fiscal Incentives for Manufacturers of Local Building Materials Components in Nigeria," the minister made this claim.

Proofreading by Nkem Ikeke, copy editor at Legit.ng.

Source: Legit.ng