Housing Revolution: Tinubu Government to Build 77,400 Homes Across 774 LGAs, Hike Mortgage to N85m
Nigeria is set for a major housing revolution as the Federal Government announces plans to deliver mass affordable homes across all 774 local government areas.
The Minister of Housing and Urban Development, Muttaka Rabe Darma, disclosed the ambitious plan on Thursday at the end of the 15th National Council on Lands, Housing and Urban Development in Sokoto.
Darma said under the new social housing programme, the government will build 100 housing units in each local government, which translates to about 77,400 new homes nationwide.
According to him, the scheme is not for the rich but specifically designed for low income Nigerians who have been locked out of homeownership.
He mentioned primary school teachers, junior civil servants, artisans and other low wage earners who spend their entire career paying rent without ever owning a house.
The minister said the era where only the wealthy can own homes must end, and the current administration is committed to making shelter affordable for every working Nigerian.
In a major relief for prospective homeowners, the government is also set to review mortgage financing upwards. The maximum mortgage cap currently at N50 million may be increased to N85 million due to soaring prices of cement, iron rods and other building materials.
To make this work, the Federal Mortgage Bank of Nigeria has been directed to release at least 70 percent of its yearly collections as housing loans, instead of holding funds.
Darma further announced that the government will soon establish a National Housing Finance Authority that will regulate, coordinate and ensure accountability in the housing finance system.
In another big move, Nigerians living abroad will soon be able to own homes at home without stress. The government is working on a special diaspora mortgage window that will allow Nigerians in UK, US, Canada and other countries to buy houses in any location of their choice in Nigeria.
On land issues, the minister said government is building a centralized digital land verification system. With the platform, anyone can confirm true ownership of land and check if it has any court case or government encumbrance from anywhere in the world without travelling to the state.
He added that special attention will be given to informal sector workers who have steady income and land but are usually rejected by banks when they apply for housing loans.
In his welcome address, Sokoto Commissioner for Lands and Housing, Barrister Nasiru Dantsoho, thanked Governor Ahmed Aliyu for hosting the council meeting successfully.
Dantsoho painted a grim picture of the housing crisis, stating that about 14.5 million Nigerians have no shelter at all while another 15.5 million are living in dangerous and unfit conditions.
He said resolutions from the council will help shape sustainable policies that future generations will benefit from.
On his part, Chairman House Committee on Housing and Urban Development, Hon. Awaji-Inombek Dagomie, challenged government to go beyond announcements and tackle the real enemy, which is high interest rate.
He urged FG to introduce single digit, long term mortgage for low and middle income earners, saying double digit loans have made homeownership impossible for average Nigerians.
Dagomie also advised government to promote high rise buildings in cities like Lagos, Abuja and Port Harcourt where land is very expensive. He said building upwards will allow many families share the cost of one plot and reduce rent.
He further proposed that every building in Nigeria should have a national house identification number like NIN, to track ownership, stop hidden properties and improve housing data.
He also called for strict enforcement of building approvals to prevent flooding and urged use of local building materials to bring down construction costs.
He concluded that only when mortgage, land administration and urban planning are fixed can Nigeria deliver inclusive housing for all.
