‘Over 15,000 homes under construction’ -  Tinubu highlights progress on housing promise

President Bola Tinubu has defended his administration’s housing programme, saying significant progress has been made in fulfilling campaign promises aimed at making home ownership more accessible and affordable for Nigerians.

In a statement posted on his official X handle on Tuesday, the President said his government had moved beyond promises by commencing housing projects across the country, introducing mortgage financing schemes and implementing reforms designed to address long-standing challenges in the housing sector.

“When I placed the Renewed Hope Agenda before Nigerians, I did not speak of housing in vague terms. I gave my word that this administration would work to make decent homes affordable again, and that a hardworking family, after years of paying rent, would finally have a path to a house of its own,” Tinubu said.

The President recalled that his administration promised to deliver 100,000 homes nationwide, with 50,000 units in the first phase through housing developments spread across the six geopolitical zones, the Federal Capital Territory and other states.

According to him, several of the projects are already underway.

“What stands today is no longer a drawing. We broke ground on more than 3,000 homes at Karsana in Abuja, the 2,000-unit city at Ibeju-Lekki in Lagos has reached advanced completion with sales already underway, and across the country, more than 15,000 units are rising as I write this,” he stated.

Tinubu said his administration had also focused on reforms in land administration, equipment leasing and building materials to reduce construction costs and improve access to housing.

“So we have moved to title land that sat for generations as dead capital, working with the World Bank to lift this nation from fewer than one plot in ten formally registered toward one in two,” he said.

The President further highlighted efforts to improve access to housing finance through the MOFI Real Estate Investment Fund.

“Through the MOFI Real Estate Investment Fund, 1,859 families across 25 states have now drawn ₦128 billion in mortgages, fixed at 9.75 per cent and repayable over 20 years, terms our people were told for a generation they would never see,” he said.

He added that the Family Homes Funds programme was also supporting widows and low-income earners under a mandate to provide 500,000 homes and create 1.5 million jobs.

While acknowledging that Nigeria’s housing deficit remains substantial, Tinubu said the government was laying the foundation for long-term growth.

“I will not stand before you and declare the work finished, because it is not. The housing deficit this nation carries is counted in the millions,” he said.

However, he maintained that the housing sector is now contributing significantly to economic growth.

“Housing has moved from a welfare conversation to a national growth strategy,” Tinubu said, adding that “Renewed Hope was never charity. It is the right of every Nigerian to a place called home.”