House Of Representatives Initiates Investigation Into Family Homes Funds

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 from 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, Mr. Iyawe emphasized the significance of the housing sector, noting that Nigeria’s housing deficit stands at 28 million units, with an estimated funding requirement of 21 trillion naira.

According to him, Family Homes Funds Limited was established in 2018 with a budget of 1.5 trillion naira to address the housing deficit, however, the project has faced criticism for failing to deliver affordable housing units.

“Also notes 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 21 trillion naira;

“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;

“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 utilize the sum of 1.5 Trillion Naira for the construction of at least 500,000 houses for low-income earners across the country.

“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;

“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” the motion read.

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