The House of Representatives on Thursday resolved to probe the Family Homes Funds Limited over the 500,000 units Housing Scheme funded by the federal government.
This was sequel to a motion noved by Esosa Iyawe (APC, Edo) adopted at plenary by the House.
In the early life of the current Assembly a committee was set up to investigate remittances to the National Housing Fund, but the report of the investigation is yet to be submitted to the House almost 18 months after the commencement of the Investigation.
Leading the debate on the motion, Iyawe said the Housing Sector has consistently played a pivotal role in the economic fortune of nations and contributes about 16 percent of the Gross Domestic Product (GDP) in advanced countries.
According to him, in 2021, the World Bank estimated that Nigeria’s housing deficit stood at 15.56 million units, and in 2023, the Federal Government put the housing deficit statistics at 28 million units with an estimated funding need of 21 Trillion Naira.
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He argued that some of the housing schemes initiated by the Federal Government have been mired in controversy, the consequence of which is the rapid growth of informal settlements, and slums on the edge of Nigeria’s major cities, with obvious drawbacks for economic development, health, safety and security.
He said further that in a bid to address the housing deficit in 2018, the Federal Government established the Family Homes Fund Limited with a mandate to utilize the sum of 1.5 Trillion Naira for the construction of at least 500,000 houses for low-income earners across the country.
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The Edo lawmaker expressed concern that to date, not only has Family Homes Fund Limited failed to live up to expectations, but the few houses built are in obscure locations and unaffordable to the target audience for the scheme.
He maintained that the undelivered project has tied up government funds, potentially leading to deterioration of the houses and further economic loss, if not addressed promptly.