Minister of Housing and Urban Development, Arc Ahmed Musa Dangiwa has further given reassurance that the federal government through the Ministry would deliver quality and affordable houses to all categories of Nigerians.
“Access to affordable housing by Nigerians is a fundamental human right as mentioned by President Tinubu during the ground breaking of the Renewed Hope Cities and Estates at Karsana, Abuja on February 8, 2024”, he stated.
The Minister spoke during a meeting with members of the Renewed Hope Multipurpose Cooperative Society Limited on a visit to his office.
Dangiwa expressed readiness of his ministry to partner with the Renewed Hope Multipurpose Cooperative Society Limited in order to ensure provision of affordable houses for its members.
He commended the effort by the leadership of the cooperative society for rising up to make their members proud home owners in Nigeria.
“Under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR, we are committed to providing quality housing for all Nigerians, as such we are willing to work, collaborate, support and encourage organised groups such as the Renewed Hope Cooperative Society to help their members become homeowners,” he added.
While assuring the Cooperative Society that the Ministry will provide all necessary support to make it possible for them to own houses, he explained that 50,000 housing units would be built nationwide under phase one of the Renewd Hope Cities and Estates Project flagged off by President Bola Ahmed Tinubu.
He encouraged the members to position themselves and obtain some of the houses, adding that a total of 3,112 housing unit was flagged off by President Tinubu at Karsana, Abuja under the project.
“We have already awarded the contract for the Renewed Hope Cities and Estates in 12 states nationwide, two states per geo- political zone and contractors have already been mobilized on sites to build a minimum of 250 houses that are affordable and organic in 1,2,3 bedrooms”, he said.
Accordingly, the minister explained that what makes the houses organic is the ability to add an extra room as the need arises, for instance, a 1 bedroom apartment can be converted to 2 bedrooms by building another room.
Apart from the Renewed Hope Estates and Cities, the Minister also suggested subscription to National Housing Programme to the Cooperative Society, saying that “currently, we have houses under the program in more than 20 states that were delivered by the last administration that are all processed in various states’ headquarters.”
Dangiwa also told the members that the Ministry made the homeownership convenient and affordable for Nigerians, by providing flexible purchase options for these homes, which includes; outright purchase, mortgage, rent to own and installmental payment.
Meanwhile, as part of support given to ensure the realization of their dream of homeownership, the Minister advised the leadership of the Cooperative Society to visit the Federal Mortgage Bank of Nigeria and apply for Cooperative Housing Development Loan.
He explained, “If a Cooperative has a title land with no legal encounter, then you can approach the Federal Mortgage Bank of Nigeria (FMBN) and apply for Cooperative Housing Development Loan.”
He explained that under the loan, the Cooperative could design the houses the members want according to their income, appoint a developer and if the criteria for providing the loan is met, FMBN will provide funding for the construction of the houses and after the houses are completed, the bank will package long term single digit of 6 percent National Housing Fund mortgage loan or rent to own for their members to enable them own their homes and pay over time as this signifies that the Cooperative has offset its loan because it will be deducted from its members.
On National Housing Fund (NHF) being managed by the FMBN, Dangiwa explained that contrary to the notion that only Nigerians working under Federal Government can access the fund, the Act setting up the NHF states that every Nigerian irrespective of coming from the informal or formal sector, shall contribute 2.5 percentage of his income into NHF for six months after which he becomes eligible to a loan ranging from one million to fifteen million to buy a house depending on affordability.
The Minister also disclosed the plan of the Federal Government under President Bola Tinubu to create a National Social Housing Fund, an insurance to promote housing as a fundamental human right; further explaining that it is a program whereby free houses are provided in the 774 Local Governments of Nigeria for citizens who do not have a means to own one.
Speaking earlier, the National Coordinator of the Renewed Hope Multipurpose Cooperative Society, Taofeek Afolabi expressed optimism that partnering with the ministry will enable the members to benefit from the Renewed Hope Cities and Estates, assuring the Minister that the members are economically active and has the capacity to become home owners through mortgage.
“Our primary areas of focus is homeownership for our members. We understand the challenges and how difficult it can be for the average Nigerian to own a home. This is why we intend to use this vehicle to make homeownership more accessible and affordable for Nigerians”, he remarked.
Afolabi, while commending the Minister for the achievements recorded since he assumed duty, announced the decision of the members of the Cooperative Society to adopt him as their Patron.
He also revealed that, currently the Cooperative Society has over 4,500 members nationwide across various walks of life and its membership is free.
Badamasi Salisu Haiba
Director Information and Public Relations
