The Federal Government has the potential to generate up to N300 billion from the sale of houses within two years, according to the Minister of Housing and Urban Development, Ahmed Dangiwa.
Speaking during an oversight visit by the Senate Committee on Lands, Housing, and Urban Development, Dangiwa revealed that with a budgetary allocation of N500 billion, the ministry could return N300 billion to the government through real estate sales.
Renewed Hope Cities Project Progressing
Dangiwa highlighted the progress of the Renewed Hope Cities and Estates project, which is currently being developed across 13 sites under the 2023 supplementary budget. The initiative, aimed at addressing the country’s housing deficit, is funded through public-private partnerships (PPP).
“We took the Senate Committee through our partnerships with reputable developers, including Karsana, where 3,112 housing units are under construction. We also briefed them on the Slum Upgrade and Urban Renewal program covering 28 sites nationwide,” Dangiwa stated.
He further disclosed that 1,000 housing units under the Renewed Hope Cities initiative would be delivered by the end of the year, while the remaining units would be completed by mid-2026, with President Bola Ahmed Tinubu expected to commission the project in Karsana, Abuja.
Developers to Finance, FG to Guarantee Loans
Under the Renewed Hope Cities and Estates programme, 100,000 housing units will be built across the country, with 20,000 units allocated to Abuja. Developers are responsible for securing funding, while the government provides guarantees to facilitate access to loans.
To ensure transparency and efficiency, a steering committee—including ministers, developers, and financial institutions—monitors the project’s progress.
Senate Committee Calls for More Funding
Chairman of the Senate Committee on Lands, Housing, and Urban Development, Aminu Tambuwal, emphasized the committee’s role in overseeing government expenditure.
“Our visit marks the start of oversight activities for the 2023 supplementary and 2024 budgets. Housing development is crucial for economic growth and wealth distribution,” Tambuwal noted, adding that more funds should be allocated to the housing sector.
The committee also reviewed key documents, including the ministry’s budget performance reports, implementation details of housing projects, and partnerships with the private sector.
With the government targeting N300 billion in revenue, the success of these housing projects could significantly boost affordable housing supply while generating substantial funds for national development.
