Nigeria’s House of Representatives Investigates Low-Income Housing Initiative
The House of Representatives is probing Family Homes Funds Limited regarding the utilization of N1.5 trillion for 500,000 low-income houses. There is an escalating housing deficit of 28 million units in Nigeria, with concerns about the effectiveness of past initiatives. The Committee on Public Assets has been tasked with investigating this matter and providing a report within four weeks.
During a recent plenary session, the House of Representatives declared its intent to investigate Family Homes Funds Limited concerning the utilization of the N1.5 trillion allocated for the construction of 500,000 affordable homes for low-income individuals nationwide. The motion, sponsored by Honorable Esosa Iyawe, highlighted urgent concerns regarding Nigeria’s housing deficit.
Iyawe remarked that while the housing sector is crucial to economic prosperity, contributing approximately 16 percent to GDP in developed nations, Nigeria faces a dire situation. The World Bank indicated a housing deficit of 15.56 million units in 2021, which has further escalated to 28 million by 2023, necessitating around N21 trillion in funding.
The House expressed concern over the controversies surrounding federal housing initiatives, attributing the surge in informal settlements and slums around major urban centers to these issues, which adversely affect economic growth, health, and security. Furthermore, it was noted that the Family Homes Fund, established in 2018, has not met expectations, with few houses being constructed in remote areas that remain unaffordable for the intended beneficiaries.
Recognizing the implications of stalled projects, the House mandated the Committee on Public Assets to investigate the status of the 500,000 housing units scheme and the performance of Family Homes Funds Limited, with a report expected within four weeks for subsequent legislative action.
In summary, the House of Representatives is taking significant steps to address Nigeria’s housing crisis by investigating the Family Homes Fund’s management of substantial government resources earmarked for low-income housing. This investigation underscores the urgency of resolving the ongoing housing deficit, which poses challenges to economic development and societal well-being. Legislative oversight and accountability will be crucial in ensuring the successful delivery of housing projects.
Original Source: www.zawya.com
