FHA clears N12bn debt, remits N3bn to FG, says MD

The Managing Director of the Federal Housing Authority (FHA), Oyetunde Ojo, announced that the agency successfully cleared a debt burden of more than N12 billion within three months of the current management's assumption of office. This debt burden was backed by a Supreme Court judgment, making it difficult for the FHA to meet basic obligations such as salary payments. Ojo stated that the agency has since remitted N3 billion into the Federal Government’s Consolidated Revenue Fund.

To achieve this turnaround, the management resolved not to rely on government funding and prioritized staff welfare, promotions, and capacity building. Ojo also attributed the agency's financial improvement to the digitalization of its operations, particularly its property records. This move significantly improved revenue generation and significantly reduced wastage of revenue.

The FHA has become a net contributor to government revenue, contributing N3 billion into the Consolidated Revenue Fund of the Federal Government of Nigeria.