The Nigerian House of Representatives is probing the Family Homes Funds Limited over N1.5 trillion allocated for building 500,000 low-income houses. Chairing the inquiry, Hon. Esosa Iyawe highlighted the significant housing deficit, which has worsened to 28 million units. The investigation aims to assess project implementation and accountability following the government’s concerning housing scheme outcomes.
The House of Representatives in Nigeria has commenced an investigation into Family Homes Funds Limited concerning the allocation of N1.5 trillion designated for the construction of 500,000 houses for low-income individuals. This decision was taken following a motion presented by Hon. Esosa Iyawe during a plenary session.
Hon. Iyawe emphasized the housing sector’s significant impact on national economies, noting it contributes approximately 16 percent to the GDP in developed nations. However, he pointed out that Nigeria’s housing situation remains dire, with a reported deficit of 28 million units as of 2023, as estimated by the Federal Government, significantly up from the World Bank’s figure of 15.56 million units in 2021.
The House expressed concern over various government housing schemes that have faced controversies, leading to increased slums and informal settlements around major cities in Nigeria. This trend adversely affects economic development, health, safety, and security. The establishment of the Family Homes Fund Limited in 2018 aimed to mitigate the housing deficit by providing affordable housing, yet the outcomes have been disappointing.
The representatives also noted that the limited housing deliveries have occurred in less accessible areas and are priced beyond the means of the targeted low-income earners. They acknowledged that the failure to complete these projects is tying up essential government funds and poses a risk of property deterioration and economic loss if not rectified swiftly.
Consequently, lawmakers have tasked the Committee on Public Assets with the responsibility of conducting an investigation into the 500,000 Units Housing Scheme established by Family Homes Funds Limited. They are expected to determine the current status of the project and to provide a report within four weeks for further legislative considerations.
The investigation by the House of Representatives highlights critical issues surrounding Nigeria’s housing sector, particularly the management and effectiveness of the Family Homes Fund Limited. It underscores the urgent need to address the increasing housing deficit and ensure that funds allocated for public housing serve their intended purpose for low-income earners. The forthcoming report by the Committee on Public Assets will be essential for guiding future legislative actions concerning the housing crisis in Nigeria.
Original Source: www.zawya.com
