The Managing Director and Chief Executive Officer of the Federal Housing Authority, Oyetunde Ojo, says the agency cleared a debt burden of more than N12bn within three months of the current management’s assumption of office and has since remitted N3bn into the Federal Government’s Consolidated Revenue Fund.
Ojo disclosed this on Wednesday in Abuja during a press conference shortly after receiving an Award of Excellence from the Anti-Corruption Academy of Nigeria.
According to him, the authority inherited severe financial challenges, including an outstanding debt backed by a Supreme Court judgment, making it difficult to meet basic obligations such as salary payments.
“So when I was appointed, and we got here, we met over 12 billion naira deficit. We could not pay salaries.
“And the deficit was backed by a Supreme Court judgment. So there’s no way to run to,” he said.
