Federal Housing Authority clears N12bn debt, remits N3bn to federal government, says MD
Oyetunde Ojo, the Managing Director and Chief Executive Officer of the Federal Housing Authority, announced that the agency has cleared a debt of over N12bn within three months of the current management taking office and has since remitted N3bn into the Federal Government鈥檚 Consolidated Revenue Fund. Ojo made this disclosure in Abuja after receiving an Award of Excellence from the Anti-Corruption Academy of Nigeria. He stated that the authority inherited significant financial challenges, including a debt backed by a Supreme Court judgment, which made it difficult to pay salaries. The FHA management decided not to rely on government funding to revive the agency. Ojo attributed the financial turnaround to the digitalization of operations, particularly property records, which improved revenue generation. He noted that the authority's property files, including land and housing, are valued at over N10tn. The management also focused on staff welfare, promotions, and capacity building, clearing a backlog of promotions and providing training for staff who had not received it in over 15 years. Ojo expects the authority to contribute almost N6bn to government coffers by December. He also announced plans to commission approximately 400 housing units in Bwari, Abuja, before the end of the year, without financial support from the Federal Government, and intends to start similar projects in other states. Ojo stated that the anti-corruption award reflects the collective efforts of the workf
