Fed Govt to fund firm’s mass housing projects

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by Nduka Chiejina, 

TO meet the mass housing target set by the Muhammadu Buhari administration, the Federal Government has agreed to provide enough funding for the execution of the Family Homes Funds for the next five years.

The government has authorised the board and management of the fund to source for more funds from third party institutions, such as development finance institutions and the capital market.

This is to ensure that the provision of mass housing does not lack funding.

Finance Minister Mrs Zainab Ahmed broke the news on Monday in Abuja at the inauguration of the board of the Family Homes Funds.

But she did not say how much the government will release for the mass housing project.

She said: “The present administration is committed to the implementation of this housing policy through the provision of enough funds for its sustainability in the Medium Term Expenditure Framework for the next five years.”

The minister said the Federal Government “established the Family Homes Funds for the provision of affordable homes for 500,000 low income Nigerians and the creation of 1.5 million jobs”.

This, she said, “is in realisation of the President Buhari administration’s goal of bridging the housing needs gap with the aim of promptly addressing the numerous demands for government interventions in the housing sector”.

Given the huge amount of money the Family Homes Funds is expected to raise from the Federal Government and other financial institutions, the Finance Minister told the board members of the company that government “will require unusual commitment, uncommon focus, experience and determination to succeed. Without doubt, the Federal Government expects results, measurable ones at that”.

Mrs Ahmed advised the board and management “to establish top corporate governance culture and a carefully designed internal control mechanisms”.

She added: “The Family Homes Fund will receive significant amounts of public money, in addition to other capital from development finance institutions and the capital market. It must, therefore, be a reliable steward of resource on your part.”

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