FG to Generate N300 Billion from Affordable Housing Sales

The Federal Government has the potential to generate up to N300 billion from the sale of residential properties within two years, according to Ahmed Dangiwa, the Minister of Housing and Urban Development.

Dangiwa shared this projection during an oversight visit by the Senate Committee on Lands, Housing, and Urban Development, stating that with an allocation of N500 billion, the ministry could recover N300 billion through property sales.

Progress on the Renewed Hope Cities Project

Providing updates on the Renewed Hope Cities and Estates initiative, Dangiwa highlighted ongoing developments across 13 sites, supported by funding from the 2023 supplementary budget. This initiative, designed to reduce Nigeria’s housing deficit, is being executed through public-private partnerships.

“Our engagement with the Senate Committee included discussions on our collaborations with reputable developers, particularly the Karsana site, where 3,112 housing units are under construction. Additionally, we provided insights into the Slum Upgrade and Urban Renewal Program, which covers 28 locations nationwide,” Dangiwa stated.

He further revealed that 1,000 housing units under the Renewed Hope Cities initiative are set for completion by the end of this year, with the rest scheduled for mid-2026. President Bola Ahmed Tinubu is expected to inaugurate the project upon completion in Karsana, Abuja.

Developers Secure Funding, Government Provides Guarantees

The Renewed Hope Cities and Estates program plans to deliver 100,000 housing units across Nigeria, with 20,000 allocated to Abuja. Under this model, developers secure project financing, while the Federal Government provides guarantees to ease access to loans.

To ensure smooth execution and transparency, a steering committee comprising government officials, developers, and financial institutions has been established to monitor progress and implementation.

Senate Committee Advocates for Increased Housing Budget

Senator Aminu Tambuwal, Chairman of the Senate Committee on Lands, Housing, and Urban Development, emphasized the committee’s role in overseeing government expenditure and assessing project implementation.

“Our visit marks the beginning of our oversight duties for the 2023 supplementary budget and the 2024 budget. Housing development plays a vital role in economic expansion and wealth distribution, and we advocate for increased funding in this sector,” Tambuwal remarked.

During the visit, the committee reviewed key documents, including budget performance reports, project execution details, and public-private sector collaborations.

With a N300 billion revenue target, the success of these housing initiatives could not only increase the supply of affordable homes but also contribute significantly to national economic growth.