Reps probe N1.5trn approved for 500,000 low-income houses

•worry over 28m housing deficit report

The House of Representatives during Thursday’s plenary unveiled plans to investigate the Family Homes Funds Limited over the utilisation of N1.5 trillion approved for the construction of at least 500,000 houses for low-income earners across the country.

The resolution was passed sequel to the adoption of a motion sponsored by Hon. Esosa lyawe.

In his lead debate, Iyawe observed that 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.

He, however, lamented that “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 N21 trillion.

“The House is concerned 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.

“The House is aware that in a bid to address the housing deficit in 2018, the Federal Government established the Family Homes Fund Limited with a mandate to utilise the sum of N1.5 trillion for the construction of at least 500,000 houses for low-income earners across the country.

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“The House is also concerned 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.

“The House is cognizant that the undelivered project has tied up government funds, potentially leading to deterioration of the houses and further economic loss, if not addressed promptly.”

To this end, the lawmakers mandated its Committee on Public Assets to investigate the Family Homes Funds Limited over the 500,000 Units Housing Scheme funded by the Federal Government and ascertain the status of the project and report within four weeks for further legislative action.