Tinubu Announces N128 Billion Housing Loans for 1,859 Homes

President Bola Ahmed Tinubu revealed that 1,859 households have successfully obtained N128 billion in housing loans, featuring a fixed interest rate of 9.75% repayable over a 20-year period. This initiative is part of the government's Renew Hope agenda, which aims to deliver 100,000 housing units in its first phase, targeting 50,000 homes across various geopolitical zones.

The program includes the construction of 3,000 housing units in Karsana, Abuja, and 2,000 units in the Renew Hope City project in Ibeju Lekki, Lagos, which is nearing completion. President Tinubu emphasized the government's commitment to tackling long-standing bottlenecks in the housing sector, particularly in land administration and access to mortgage financing.

The administration is also working with the World Bank to improve land registration and transform land assets into usable capital. The goal is to increase the proportion of formally registered plots from less than 10% to 50% nationwide, thereby enhancing access to affordable housing for Nigerians.