The House of Representatives is investigating Family Homes Funds Limited regarding the misuse of N1.5 trillion meant for constructing 500,000 low-income houses. Concerns arise from a growing housing deficit and inadequate outcomes from previous initiatives. The Committee on Public Assets will report within four weeks on their findings and the status of the project.
On Thursday, the House of Representatives announced plans to investigate the Family Homes Funds Limited concerning the allocation of N1.5 trillion for building 500,000 houses aimed at low-income earners in Nigeria. This resolution followed a motion sponsored by Hon. Esosa Iyawe, highlighting the importance of the housing sector, which contributes significantly to the economy.
Hon. Iyawe noted that while Nigeria’s housing sector is crucial, there is a concerning deficit. The World Bank reported in 2021 a deficit of 15.56 million units, which jumped to 28 million units in 2023, necessitating about N21 trillion in funding.
The representatives expressed concerns regarding past government housing initiatives, which have caused the growth of informal settlements, adversely impacting economic development and community safety. The Family Homes Fund Limited, established in 2018 to address this housing deficit, has faced criticism for failing to deliver the promised housing, with constructed units being unaffordable and poorly located.
The legislators emphasized the need for immediate investigation into the status of the housing project and its implications on government funds. The Committee on Public Assets has been tasked with this investigation, aiming to report their findings within four weeks for further legislative action.
In conclusion, the House of Representatives’ inquiry into the Family Homes Funds Limited reflects a significant response to Nigeria’s acute housing crisis. With housing deficits escalating and existing solutions failing to meet the needs of low-income earners, this investigation is crucial in holding accountable those responsible for underperformance and ensuring effective use of public funds. The outcomes of this inquiry may lead to essential reforms in the housing sector.
Original Source: www.zawya.com
