In line with his commitment to provide accessible housing for Nigerians, President Bola Tinubu will officially commence the “Renewed Hope Cities and Estates Projects” on Thursday, February 8, 2024. This groundbreaking ceremony marks the beginning of the construction of 3,112 housing units in Karsana, located within the Federal Capital Territory.
According to the Federal Ministry of Housing and Urban Development on Monday, February 5, 2024, the ‘Renewed Hope Cities and Estates’ projects are targeted at reducing the housing deficit in Nigeria, which has risen to an extremely disturbing level in the last three decades.
Nigeria’s housing deficit stood at seven million as of 1991; it rose to 12 million units in 2007, 14 million in 2010, 20 million in 2018, and 28 million in 2023.
The ‘Renewed Hope Cities and Estates’ is aimed at delivering over 100,000 housing units in various cities across the nation.
Recall that N50 billion has been earmarked for the kick-off of the housing initiative by the federal government, according to data from the national supplementary budget.
The housing projects will deliver 40,000 units of renewed hope in mini-cities and states across the 36 states of the federation.
FG also budgeted N50 billion for slum upgrade and urban renewal under the provision of developmental infrastructure and facilities in the six geopolitical zones of the country.
During his presidential campaign, Tinubu had promised to “make basic healthcare, education, and housing accessible and affordable for all.”
