FG Housing: HOR Investigates Family Homes Funds Ltd

The House of Representatives has initiated an investigation into Family Homes Funds Limited, a Federal Government-establishment tasked with constructing 500,000 affordable housing units.

The investigation follows the adoption of a motion sponsored by a member representing Oredo Federal Constituency, Edo State, Esosa Iyawe citing concerns over the project’s slow progress and allegations that the few completed houses are unaffordable and located in obscure areas.

Leading the debate on the motion, Mr. Iyawe emphasized the significance of the housing sector, which contributes about 16% of the Gross Domestic Product (GDP) in advanced countries.

He noted that Nigeria’s housing deficit stands at 28 million units, with an estimated funding need of 21 trillion naira.

The Family Homes Fund Limited was established in 2018 with a 1.5 trillion naira budget to address the housing deficit.

However, the project has faced criticism for its failure to deliver affordable housing units.

The House has, therefore, mandated its Committee on Housing and Public Assets to investigate the project’s status and report back within four weeks.

Oduyemi Odumade, Edited By Grace Namiji