FHA CLEARED N12BN DEBT IN THREE MONTHS, REMITTED N3BN TO FG
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By Aishat Momoh. O.
The Managing Director and Chief Executive Officer of the Federal Housing Authority, Oyetunde Ojo, on Wednesday said the agency cleared more than N12 billion in inherited debt within three months of the current management’s assumption of office and has since remitted N3 billion to the Federal Government’s Consolidated Revenue Fund.
Ojo disclosed this in Abuja while addressing journalists after receiving an Award of Excellence from the Anti-Corruption Academy of Nigeria.
According to him, the authority inherited severe financial challenges, including liabilities backed by a Supreme Court judgment, leaving the agency unable to meet basic obligations such as salary payments.
“When we came on board, we met a deficit of over N12 billion. We could not even pay salaries, and the debt was backed by a Supreme Court judgment,” he said.
Ojo said the management resolved from the outset to revive the agency without relying on financial support from the Federal Government.
He attributed the turnaround to the digitalisation of the authority’s operations, particularly its land and housing records, which he said eliminated revenue leakages and significantly boosted internally generated revenue.
“We digitalised our property files and records, which are worth over N10 trillion. Before then, everything was largely manual, leading to revenue losses. Although we faced resistance initially, we began seeing improved revenue within three months, and the authority gradually returned to a surplus,” he said.
The FHA boss added that the management also prioritised staff welfare by clearing outstanding promotions, creating additional departmental offices and expanding training opportunities.
He noted that staff in the building construction sector had not benefited from local or international training for more than 15 years before the current administration.
“We cleared the backlog of promotions, improved the working environment and resumed both local and foreign training programmes for staff to enhance capacity,” Ojo said.
He further disclosed that the authority has become a net contributor to government revenue.
“For the first time, as of July, we have contributed N3 billion into the Federal Government’s Consolidated Revenue Fund. We expect that figure to rise to about N6 billion by December,” he said.
Ojo also announced plans to commission about 400 affordable housing units in Bwari, Abuja, before the end of the year, stressing that the project is being executed without funding from the Federal Government.
According to him, similar housing projects will be rolled out in other states under the same funding model.
Speaking on the anti-corruption award, Ojo described the recognition as a testament to the authority’s reforms aimed at promoting transparency and accountability.
He said the agency had recorded a noticeable decline in corruption-related allegations through the adoption of digital systems, transparent procurement processes and streamlined approval procedures.
“Our reforms have addressed issues such as double allocation, document forgery and delays in approvals through digitalisation and a one-stop approval system. The recognition reflects the collective commitment of our staff to integrity and accountability,” he said.
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