Nigeria’s House of Representatives Investigates Housing Fund Utilization

The Nigerian House of Representatives is probing the Family Homes Funds Limited for its handling of N1.5 trillion earmarked for the construction of 500,000 low-income housing units. With Nigeria’s housing deficit at an alarming 28 million units, the investigation aims to ensure accountability and address the challenges faced by low-income earners. A report is expected within four weeks to guide further legislative action.

The House of Representatives in Nigeria has initiated an investigation into the Family Homes Funds Limited regarding the utilization of N1.5 trillion allocated for the construction of 500,000 low-income houses. This inquiry follows a motion from Hon. Esosa Iyawe during Thursday’s plenary session. Iyawe highlighted the crucial role of the housing sector in national economies, noting its significant contribution to GDP in developed countries.

Iyawe expressed concern over the escalating housing deficit in Nigeria, which was projected at 15.56 million units by the World Bank in 2021 and reported to reach 28 million units in 2023 by the Federal Government. He emphasized the urgent need for an estimated N21 trillion in funding to address these issues. The House observed that ongoing housing schemes have led to the proliferation of informal settlements and slums in major cities, adversely impacting economic development and public safety.

The Family Homes Fund Limited was established by the Federal Government in 2018 with the aim of addressing the housing deficit, yet the organization has not met expectations. The few houses constructed are reportedly situated in inaccessible locations and remain unaffordable for the intended low-income beneficiaries. The stagnation of this project has resulted in unused government funds and may further lead to economic losses and property deterioration.

Consequently, the lawmakers have tasked the Committee on Public Assets with investigating the Family Homes Funds Limited’s housing scheme. They expect a detailed report on the project’s status within four weeks, intending to determine the course of legislative action based on the findings.

In conclusion, the investigation initiated by the House of Representatives into the Family Homes Funds Limited underscores the critical need to address Nigeria’s housing deficit, which has sharply escalated in recent years. The concern regarding poorly executed housing projects highlights the broader challenges facing the nation’s economic development and urban planning. Legislative oversight aims to ensure accountability and improve housing conditions for low-income earners, highlighting the importance of efficient fund allocation and project execution.

Original Source: www.zawya.com