Nigeria needs N500bn to reduce housing deficit – FHA

Bisola David
Bisola David
Nigeria needs N500bn to reduce housing deficit - FHA

The managing director of the Federal Housing Authority, Gbenga Ashafa, has stated that the authority needs at least N500 billion to effectively lower the country’s homelessness rate.

According to The Punch, this came as he disclosed that in the 50 years of the authority’s existence, it has successfully constructed over 149,000 housing units.

The MD made this revelation at a news conference held in Abuja on Friday in advance of the Housing Authority’s 50th anniversary.

According to The PUNCH, FHA was created by a law known as decree No. 40 of 1973, which was later amended to become CAP 136 Laws of the Federation 1990 and, more recently, CAP F14 Laws of the Federation 2004. This allowed FHA to carry out housing projects that were authorized on behalf of the government.

The MD told reporters that housing is an important economic sector and that the agency has contributed by building 49,000 new homes directly and 100,000 more through joint ventures with private developers.

“We were able to do so much before the directive that required us to be fully privatized before it was changed to a partially commercialized agency, and that’s how we kick-started the diamond estate projects, Festac Town, Abesan one, four, five, and six. Since relocating to Ogun State, we have constructed numerous properties,” his statement read.

He stated that with ample funding, we were able to construct 49,000 homes under direct FHA supervision. Furthermore, a glance at the nearly 100,000 apartments that have been built when you look at partnerships with private developers all around the capital city and other states.

“Together, we would be looking at over 149,000 housing units constructed in 50 years, and we are ready to do more with the incoming renewed hope model.”

Ashafa, who voiced dissatisfaction with the act’s revision, which converted the organization from a fully government-owned agency to a partially funded organization, emphasized that the authority had reduced the cost of housing for Nigerians.

He added, “Let us be modest. First off, we are not included in the federal government’s budget. We are making an effort to be frugal, and if something decent is offered to us, we will be able to help with construction. Additionally, a change to the act is made in a way that allows us to be included in the federal government budget. Since there is much to cover, I will not be requesting less than N500 billion to begin with.

“We are aware that there is a housing deficit, even though we are unsure of the exact amount.

“We are just getting started, and this rent-to-home is where we will make the biggest progress during this administration.”

He also reaffirmed the organization’s pledge to expand access to its rent-to-own program in an effort to lower the number of Nigerians living on the streets.

President Bola Tinubu, Minister of Housing and Urban Development, Ahmed Dangiwa, and Minister of State, Abdullahi Gwarzo are slated to attend, according to Ashafa. Babatunde Fashola, a former minister of works and housing, will give the keynote presentation.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *