The Minister of Housing and Urban Development, Ahmed Dangiwa, has stated that the federal government could generate ₦300 billion from house sales within two years if the ministry receives a budgetary allocation of ₦500 billion.
Dangiwa made this disclosure while briefing the Senate Committee on Lands, Housing, and Urban Development during their oversight visit to the ministry. According to a statement on the ministry's website, the Senate Committee has advocated for increased funding for the ministry, recognizing its potential to contribute significantly to government revenue.
Ongoing Housing Projects
The minister highlighted the progress of the Renewed Hope Cities and Estates initiative, which has begun construction across 13 sites with funding from the 2023 supplementary budget. He also outlined the ministry's public-private partnerships, including a major project in Karsana, Abuja, where 3,112 housing units are being developed.
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Dangiwa further revealed that 1,000 housing units under the Renewed Hope Cities initiative would be ready by the end of the year, while additional units would be completed by mid-2025 for commissioning by President Bola Ahmed Tinubu. The overall project aims to deliver 100,000 housing units nationwide, with 20,000 units allocated to Abuja.
Funding and Implementation Strategy
Under the plan, private developers are responsible for financing, construction, and securing buyers, while the ministry provides a bankable off-takers guarantee to facilitate access to funds. Developers have already secured financing through Family Homes Funds and other sources, ensuring steady progress at various sites.
To oversee project execution, a steering committee—comprising the housing minister, permanent secretary, and developers—has been established, alongside a monitoring committee that includes officials from the Federal Mortgage Bank, Family Homes Funds, and other stakeholders.
Senate Oversight and Budget Review
The Chairman of the Senate Committee on Lands, Housing, and Urban Development, Aminu Tambuwal, emphasized the importance of oversight in ensuring that allocated funds are properly utilized. He noted that the committee's visit marked the commencement of oversight activities for the 2023 supplementary and 2024 budgets.
Tambuwal acknowledged the need for increased funding for the housing sector, highlighting its role in wealth distribution and economic development. He commended Dangiwa for his cooperation and commitment to transparency in executing housing projects.
With these initiatives, the housing ministry aims to bridge the housing deficit, stimulate economic growth, and generate substantial revenue for the federal government.
