The Federal Housing Authority (FHA) has cleared a debt burden of more than ₦12 billion within three months and remitted ₦3 billion into the Federal Government’s Consolidated Revenue Fund (CRF), according to the agency’s Managing Director and Chief Executive Officer, Oyetunde Ojo.
Ojo disclosed this on Wednesday in Abuja while addressing journalists after receiving an Award of Excellence from the Anti-Corruption Academy of Nigeria.
FHA Clears ₦12bn Debt in Three Months
The FHA boss said the current management inherited a debt exceeding ₦12 billion, backed by a Supreme Court judgment, leaving the agency unable to meet basic obligations, including salary payments.
“When I assumed office, we met over ₦12 billion in debt. We could not pay salaries, and the deficit was backed by a Supreme Court judgment,” Ojo said.
He explained that the management resolved not to depend on Federal Government funding to revive the Authority but instead focused on improving operational efficiency and boosting internally generated revenue.
Digitalisation Drives Revenue Growth
According to Ojo, the digitalisation of the Authority’s property records transformed its revenue generation.
He said FHA digitised land and housing records worth more than ₦10 trillion, eliminating leakages and improving the collection of ground rents, building approval fees and other revenues.
The reforms, he noted, enabled the Authority to move from a financial deficit to a surplus within months.
FHA Now Contributing to Federal Revenue
Ojo disclosed that the Authority has already remitted ₦3 billion to the Federal Government’s Consolidated Revenue Fund and expects total remittances to reach about ₦6 billion by December.
“For the first time, as of July, we have contributed ₦3 billion into the Consolidated Revenue Fund of the Federal Government of Nigeria,” he said.
He explained that 40 per cent of the Authority’s revenue is automatically remitted to the Federal Government under existing regulations.
Staff Welfare and Housing Delivery
The FHA Managing Director said the management also prioritised staff welfare by clearing promotion backlogs, expanding departmental offices and introducing local and international training programmes after years without capacity development.
He further announced plans to commission about 400 affordable housing units in Bwari, Abuja, before the end of the year without financial support from the Federal Government.
According to him, similar housing projects will also commence in other states as part of the Authority’s drive to increase access to affordable housing.
Anti-Corruption Reforms
Ojo attributed the agency’s financial recovery to reforms centred on digitalisation, transparent procurement processes and streamlined approvals.
He said these measures have reduced cases of double allocation, document forgery and other irregularities while improving transparency and accountability across the Authority.
