The Federal Housing Authority (FHA) has lamented its exclusion from national budgetary appropriations in recent years but reaffirmed its commitment to providing affordable housing for Nigerians.
The agency announced plans to commence housing projects in 17 states, despite operating solely on Internally Generated Revenue (IGR).
This was disclosed during the commissioning of the revitalized 100-unit Ajoda Housing Estate in Ibadan. Although the specific states were not named, the FHA Managing Director, Hon. Oyetunde Ojo, emphasized the agency’s resilience and innovation in delivering on its mandate through alternative funding strategies.
Ojo urged the Federal Mortgage Bank of Nigeria (FMBN) to intensify efforts in educating Nigerians about mortgage opportunities to enhance access to affordable homeownership.
The FHA, which is currently constructing 336 housing units in Bwari, FCT, also has ongoing Public-Private Partnership (PPP) projects involving 820 housing units in the Apo/Guzape area of Abuja.
Under the Renewed Hope Housing Programme, the agency had aimed to commission 1,000 units by December 2024. However, many of these projects were stalled or abandoned.
Speaking at the Ajoda commissioning, Ojo explained that the partial commercialization of FHA had led to its removal from the National Assembly appropriation process, compelling the authority to explore alternative funding sources such as PPPs and bond issuance from the capital market.
Despite the challenges, Ojo said the commissioning aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda. “When I was appointed about 16 months ago, the President gave us a marching order to renew the hope of Nigerians by delivering affordable housing for all,” he said.
In a statement released by FHA’s Public Relations Officer, Kenneth Chiegbu, the MD noted that the Ajoda Estate, which was abandoned since 2018, will eventually comprise 1,000 units of two- and three-bedroom bungalows.
“On our first visit, we resolved to put roofs over Nigerians’ heads within a year, starting with this phase,” he stated.
Ojo also disclosed that medical doctors from the University College Hospital (UCH), Ibadan, are the primary beneficiaries of the first phase, describing it as a strategic move to curb brain drain in the health sector.
He added that subsequent phases of the project will cater to both the formal and informal sectors. “Those in the informal sector only need to organize themselves, possibly through traditional institutions. They have the capacity and resources to benefit greatly from these housing initiatives,” he said.
The FHA boss also revealed plans to build studio apartments for young professionals, assuring that the estate is well-secured.
Calling on Nigerians to appreciate the agency’s efforts, Ojo reiterated that all achievements to date have been funded through IGR and pledged not to disappoint the President.
Earlier, FHA’s Executive Director of Project Implementation, Engr. Oluremi Omowaiye, announced that similar projects are being planned across 17 states. He noted that more estates are lined up for commissioning, with the next in Abuja.
In his remarks, FMBN Managing Director, Alhaji Shehu Usman Osidi, stated that Nigerians can access mortgage loans at a 6% interest rate, repayable over 30 years. “It is open to all Nigerians. Just walk into any of our branches and pick a form,” he said.
Mr. Ige Ayeni, of Greenwood Construction, the project developer, expressed appreciation to the federal government for its support and praised FHA management for reviving the Ajoda project.
Representing the host community and royal fathers, Oba Oladepo thanked the government for the housing estate but appealed for the provision of more infrastructure and amenities to support the growing population.
