The House of Representatives in Nigeria is probing Family Homes Funds Limited for failing to utilize N1.5 trillion designated for the construction of 500,000 low-income houses. The housing deficit has escalated, with current shortfalls estimated at 28 million units. Lawmakers expressed concern over the mismanagement of housing projects, prompting an investigation to assess project progress and fund allocation.
The House of Representatives has initiated an investigation into Family Homes Funds Limited regarding the use of N1.5 trillion allocated for constructing 500,000 houses for low-income individuals across Nigeria. This decision came after a motion was championed by Hon. Esosa Iyawe during a recent plenary session. Iyawe highlighted the crucial role of the housing sector in economic growth, noting that it constitutes approximately 16 percent of the Gross Domestic Product (GDP) in developed nations.
Iyawe also pointed out alarming statistics: the World Bank reported a housing deficit of 15.56 million units in 2021, which the Federal Government increased to 28 million units in 2023. This has been coupled with an estimated funding necessity of N21 trillion. Furthermore, the lawmakers expressed concerns that the Federal Government’s housing initiatives have led to an increase in informal settlements and slums, adversely affecting economic growth and public health.
Established in 2018, Family Homes Fund Limited was given the role of tackling the housing deficit but has been criticized for its performance, as the few houses constructed are located in less accessible areas and remain unaffordable for the intended beneficiaries. Additionally, the House of Representatives emphasizes that the project has resulted in underutilized government funds, risking further economic loss.
In response to these issues, the lawmakers have tasked the Committee on Public Assets to investigate Family Homes Funds Limited regarding the housing scheme, requiring them to assess the project’s current status and provide a report within four weeks for legislative consideration.
The investigation by the House of Representatives into the Family Homes Funds Limited underscores the urgent need to address Nigeria’s significant housing deficit. Despite initial intentions, the implementation of housing projects has fallen short, resulting in concerns over funding and access. By scrutinizing the management of the allocated resources, lawmakers aim to encourage accountability and ensure that the housing initiatives effectively benefit low-income earners across the nation.
Original Source: www.zawya.com
