The House of Representatives has initiated an investigation into Family Homes Funds Limited, a leading estate developer, regarding its ambitious 500,000 units housing scheme financed by the Federal Government. This action follows a motion presented by a lawmaker from Edo state, highlighting concerns over the controversial nature of certain government housing initiatives.
The lawmaker expressed alarm at the rapid proliferation of informal settlements and slums surrounding Nigeria’s major urban centers, which poses significant challenges to economic development, health, safety, and security. The initiative, established in 2018 with a commitment of N1.5 trillion, aimed to address the housing deficit by constructing affordable homes for low-income earners nationwide.
However, the lawmaker criticized Family Homes Fund Limited for not meeting its objectives and pointed out that the few completed houses are located in inaccessible areas and remain unaffordable for the intended beneficiaries. Furthermore, it was emphasized that the unfulfilled project has resulted in a potential waste of government resources, risking further economic repercussions if not addressed swiftly.
In light of these issues, the House of Representatives has instructed its Committee on Public Assets to conduct a thorough investigation into Family Homes Funds Limited’s 500,000 Units Housing Scheme, evaluate the project’s status, and provide a report within four weeks to facilitate subsequent legislative action.
