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Nigeria’s affordable housing drive recorded another milestone as the Minister of Housing and Urban Development confirmed that many units within the 2,084-home Renewed Hope City Project in Lagos are now ready for occupation. The development signals continued progress in the Federal Government’s efforts to expand housing access and reduce the nation’s housing deficit through the Renewed Hope Agenda.
Housing Minister Confirms 2,084 Renewed Hope Homes Near Completion in Lagos
The Minister of Housing and Urban Development, Muttaqha Rabe Darma, has expressed satisfaction with the progress of the Renewed Hope City housing project in Ibeju-Lekki, Lagos, stating that many of the housing units are already ready for occupation. The project, which comprises 2,084 housing units, is one of the Federal Government’s flagship housing developments under President Bola Tinubu’s Renewed Hope Agenda.
Building Material Prices Surge as Inflation and FX Pressures Drive Up Construction Costs
Nigeria’s construction industry is experiencing a fresh wave of cost pressures as inflation, foreign exchange volatility and rising transportation expenses continue to drive up the prices of key building materials. The trend is increasing the cost of housing delivery, placing additional strain on developers, contractors and prospective homeowners already grappling with affordability challenges.
Developers Warn Regulatory Bottlenecks Are Driving Up Housing Costs in Lagos
Property developers in Lagos have expressed concerns over what they describe as mounting regulatory obstacles affecting housing delivery, warning that multiple levies, taxes and prolonged approval processes are contributing to rising construction costs and worsening the city's housing affordability challenges.
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House to Debate 2025 Budget Extension Amid Ongoing Infrastructure Projects
The House of Representatives is scheduled to hold an emergency sitting to consider legislation seeking a further extension of the implementation period for the capital component of the 2025 Appropriation Act. The move comes as lawmakers seek to provide additional time for ministries, departments and agencies (MDAs) to complete ongoing projects across the country.
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Presidency Defends Tinubu’s South-East Record, Says Critics Ignore Ongoing Projects
The Presidency has pushed back against claims that President Bola Tinubu’s administration has neglected the South-East, arguing that several major infrastructure projects currently underway in the region demonstrate the Federal Government’s commitment to development and regional inclusion. Presidential aides made the remarks during an inspection tour of federal projects in Ebonyi State under the Renewed Hope Agenda..
Manufacturing Sector Contributes ₦329.59 Billion to VAT Revenue in Q1 2026
Nigeria’s manufacturing sector contributed ₦329.59 billion in Value Added Tax (VAT) revenue during the first quarter of 2026, reinforcing its position as one of the country’s largest sources of non-oil tax revenue. The latest figures from the National Bureau of Statistics (NBS) show that manufacturing remained the leading contributor to VAT collections despite persistent challenges facing industrial operators, including high production costs, foreign exchange pressures and energy constraints.
Quote of the day:
“Progress begins the moment systems replace shortcuts, and accountability becomes the standard.”
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