FG inaugurates committees to restructure FHA

By Post Nigeria December 15, 2014 21:27

FG inaugurates committees to restructure FHA

The Minister of Lands, Housing and Urban Development, Akon Eyakenyi, inaugurated Interim Management Team (IMT) and Technical Board to effectively implement the Federal Government restructuring plan of the Federal Housing Authority (FHA).

She explained that the committees were essential to upgrading the FHA and its subsidiary.

According to the Daily Independent, she said the restructuring was needed as both the FHA and its subsidiary had failed in providing affordable housing for the less privileged and low income earners in Nigeria.

“Since its inception about 40 years ago, the authority has been able to build only 37,000 housing units across the country (an average of less than 1000 houses per annum).

“Studies show that the authority is handicapped by a number of challenges, including institutional operational losses, teeming legacy debts, poor Internally Generated Revenue (IGR) base and inability to effectively function without budget line,” the minister noted.

During the inauguration of the committees in Abuja, the minister clarified that the MT was a purely transitional management/project delivery team to work with the TB under a period of 18 months commencing from November 1, 2014 to deliver on their mandates.