Hope isn’t cheap

President Tinubu wants to “raise” your hopes of becoming a homeowner

Dec 02, 2024

Good morning, Big Brains. I hope you had the best weekend because I did. For the first time, I attended a wedding with my favourite person. I’m still recovering from the endless smiles and forehead kisses. When I tell you it was the perfect weekend, I’m not even exaggerating.

This Week’s Big Question: “What do you think 2025 is going to look like for you?” Share your responses with us, and if we think they’re fun enough, we’ll feature them in the newsletter :) so be on the lookout.

Let’s get into the news you missed during the weekend:

President Tinubu is “fixing” Nigeria’s housing issue
France and Nigeria are forming a beneficial bromance

The Big Deal

President Tinubu is “fixing” Nigeria’s housing issue

President Tinubu has been so serious about serving you “Renewed Hope” and he looks for every available opportunity to tell you about it. We’ve seen him introduce free Compressed Natural Gas (CNG) buses, inspiring countless conspiracy theories. Now, he’s putting on the hat of an architect/realtor to “fix” the country’s housing crisis.

We just got word that Tinubu is gearing up to commission 1,000 new housing units in the Renewed Hope City (yes, that's the actual name) this December in Abuja.

The 1,000 units that will soon be commissioned are part of the 3,112-unit project in Karsana District, which kicked off in February 2024. The remaining units are expected to be commissioned soon as well.

The Renewed Hope Cities project is part of the Ministry of Housing and Urban Development’s ambitious plan to deliver 50,000 housing units to Nigerians within the first few months of the project launch.

This first phase promises one Renewed Hope City in Nigeria’s six geopolitical zones and the FCT and at least one Renewed Hope Estate in 30 states.

Currently, 14 active construction sites are scattered across the country, with 10,112 housing units in the works. These include three Renewed Hope Cities and 11 smaller estates.

Housing Minister Arc. Ahmed Musa Dangiwa added that the first 1,000 housing units will be available through this portal.

Why is this a big deal?

On paper, this is a commendable project, but what’s putting some Nigerians off is the high cost of the units. This is an understandable concern because Tinubu’s Renewed Hope isn’t cheap.

A one-bedroom apartment in the Renewed Hope Estates goes for ₦8 million to ₦9 million while the units in the fancier Renewed Hope Cities (developed through those Public-Private Partnerships), cost as high as ₦22 million.

According to Minister Dangiwa, the goal of the Renewed Hope Housing Project is to address the housing needs of all Nigerians, particularly those in underserved areas. But the price slammed on these houses kinda exempts the people the project is supposed to serve best from enjoying its benefits.

The national minimum wage is ₦70,000. If the average Nigerian saves every penny of this wage, they will spend roughly 10 years and 8 months paying for the ₦9 million unit while it will take about 26 years to pay for the ₦22 million unit.

Even though the government offers mortgage loans with up to 30-year terms to pay for these houses, it still doesn’t seem to be a project designed with low-income Nigerians in mind. PS: That’s about 56% of the total population. So, whose hope is this project renewing exactly? That’s the million-naira question.

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France and Nigeria are forming a beneficial bromance

Nigerians and conspiracy theories are 5&6, but the ones that were making rounds on social media over the weekend are our favourite ones yet. Not to be the fun police, but we’re here to confirm that President Tinubu hasn’t sold Nigeria to France. His visit was more of an “invest in my country” situation that's mutually beneficial for both countries.

Presidents Bola Tinubu and Emmanuel Macron have now sealed a deal worth over €300 million. This commitment will fund several financial and technical assistance programs that are supposed to support infrastructure, agriculture, renewable energy, and more essentially, the big-ticket items Nigeria desperately needs to stay afloat.

The announcement came via Bayo Onanuga, Tinubu’s Special Adviser, who broke the news on Friday, November 29, 2024.

What’s in the bag?

The first agreement, signed by Nigeria’s Finance Minister Wale Edun and his French counterpart Antoine Armand, outlines a strategic plan to improve sectors such as healthcare, transportation, human capital development, and agriculture.

Beyond government-level deals, private-sector guys are cashing out from this partnership too. Tony Elumelu’s United Bank for Africa (UBA) signed an agreement to plant its bank in Paris, while Zenith Bank has also launched its services in France.

The coming months will reveal whether this is a big W for only elite Nigerians or all Nigerians. You know we’ll be watching and will be in your inbox at the first sight of anything sus.

The Big Picks

Why Northern Governors Asked Tinubu To Pause On Tax Reform Bills: Borno State Governor, Professor Babagana Zulum, on Sunday, explained why the northern governors advised President Bola Tinubu to hold on before pushing the controversial tax reform bills.

Insurgency Reduced To 90 Per Cent In Borno – Gov Zulum: Borno State Governor, Babagana Zulum, on Sunday said the Federal Government and security forces have succeeded in containing 90 per cent of Boko Haram terrorists in the North-East.

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