The House of Representatives in Nigeria is probing the Family Homes Funds Limited for its management of N1.5 trillion intended for 500,000 low-income housing units. Concerns have arisen over the growing housing deficit and the negative impact of poorly executed housing schemes leading to informal settlements. The Committee on Public Assets will investigate the project’s status and report findings within four weeks.
The House of Representatives has initiated an investigation into the Family Homes Funds Limited regarding the appropriation of N1.5 trillion for a project aimed at constructing 500,000 low-income housing units in Nigeria. This action follows a motion introduced by Hon. Esosa Iyawe during a plenary session on Thursday.
Iyawe highlighted the significant role of the housing sector in national economies, noting that it contributes approximately 16% to the GDP in developed nations. However, he pointed out that Nigeria’s housing deficit has escalated alarmingly, growing from 15.56 million units in 2021 to 28 million units in 2023, necessitating an estimated funding of N21 trillion to address the shortfall.
The House expressed concern over ongoing controversies surrounding government housing initiatives, which have contributed to the rise of informal settlements and slums in urban areas. These developments have adverse effects on economic growth, health, and security. The Family Homes Fund was established in 2018 to alleviate this issue, but the limited progress and unsuitable location of completed houses have undermined its objectives.
Lawmakers emphasized that the failure to deliver on the housing project not only restricts access for low-income families but also risks government funds becoming unproductive. Consequently, the Committee on Public Assets has been tasked with investigating the status of the housing scheme, with a report due within four weeks for further legislative review.
The House of Representatives is scrutinizing the Family Homes Funds Limited’s use of funds aimed at addressing Nigeria’s housing crisis, particularly its failure to deliver affordable housing for low-income earners. With the housing deficit expanding and ongoing controversial projects leading to urban slums, the investigation aims to assess the project’s status and inform legislative actions.
Original Source: www.zawya.com
