The sum of N126.5 billion has been approved by President Bola Tinubu for the delivery of 100,000 houses nationwide in 18 months.

The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, made this known during the groundbreaking ceremony for 3,112 housing units in Karsana area of the Federal Capital Territory (FCT) on Thursday.

Dangiwa revealed that the funding for the projects will come from a mix of sponsors comprising the Federal Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN), and Public Private Partnerships with reputable developers.

The minister also said that in the first quarter of this year, the federal government would undertake a groundbreaking of a total of 6,000 housing units.

“As you will recall, Your Excellency has graciously approved the total sum of 126.5bn from the 2023 supplementary and 2024 budget for these projects including slum upgrade and urban renewal. We have also made cross subsidy a key part of our efforts to enhance affordability for low-medium income earners to foster integrated living.

“Under this concept, the housing units built in the Renewed Hope Cities will be sold at commercial rate while a substantial percentage will be sold at concessionary rates to low- and medium-income Nigerians who are members of the Nigeria Labour Congress and the Trade Union Congress,” he said.