The Housing Development Advocacy Network (HDAN) has demanded the immediate disbursement of the N200 billion intervention fund approved by the Central Bank of Nigeria (CBN) for low-cost housing.
The fund has been pending for three years, and the release of the housing sector intervention loan was signed in 2020.
According to Festus Adebayo, the Executive Director of HDAN, the loan is expected to be made available to Family Homes Funds Limited to build 300,000 affordable homes across all states and the Federal Capital Territory and to generate about 1.5 million jobs in five years.
However, Adebayo expressed concern that the approved loan has yet to be released to any of the government-owned housing finance agencies, despite the agreement being signed in 2020.
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Toye Eniola, the Executive Secretary of the Association of Housing Corporations of Nigeria, also expressed his disappointment, stating that there is no reason to hold on to the funds after the loan has been approved since 2020, as the need for the fund has been taken over by events.
Adebayo called on the CBN Governor to address the issue of the delayed release of the fund while urging the incoming government to ensure that the fund is disbursed to support the provision of social housing for low-income earners. He also lamented that the non-release of the fund has resulted in numerous homeless people, which indicated the government’s lack of commitment to housing development.
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