FHA Calls for N500bn to Tackle Housing Deficit

InfoStride News reports that the Managing Director of the Federal Housing Authority (FHA), Gbenga Ashafa, has stated that the authority needs a minimum of N500 billion to effectively address the housing deficit in the country. This announcement was made during a press briefing held in Abuja ahead of the 50th anniversary of the housing authority.

FHA, established by decree No. 40 of 1973 and later revised as CAP 136 Laws of the Federation 1990, has played a crucial role in executing housing programs on behalf of the government. Over the course of its 50-year existence, FHA has successfully built approximately 149,000 housing units.

Speaking at the briefing, MD Gbenga Ashafa emphasized the significance of the housing sector in the economy. He highlighted the agency’s contributions, including the construction of 49,000 units through direct construction and an additional 100,000 units through collaborations with private developers. Notable projects mentioned by Ashafa include the Diamond Estate projects, Festac Town, Abesan estates, and various developments in Ogun State.

Ashafa lamented the amendment of the agency’s act, which transitioned it from a wholly government-owned entity to a partially funded institution. Despite this, he emphasized the agency’s commitment to making housing affordable for Nigerians. Ashafa asserted that the authority, now operating as a partially commercialized agency, is ready to do more with the introduction of the renewed hope model.

Expressing the agency’s determination to address the housing deficit, Ashafa proposed a budgetary allocation of at least N500 billion. He acknowledged the existing housing deficit in the country, stating, “We are starting from somewhere, and this rent-to-home is where we are really going to improve on during this administration.”

Ashafa also reiterated the agency’s commitment to expanding its rent-to-own scheme to provide more Nigerians with affordable housing options. He announced that the 50th-anniversary event is expected to be graced by dignitaries such as President Bola Tinubu, Minister of Housing and Urban Development Ahmed Dangiwa, Minister of State Abdullahi Gwarzo, and former Minister of Works and Housing Babatunde Fashola, who will deliver the keynote address.