ANALYSIS OF FINANCING CHALLENGES FACING THE PROVISION OF STAFF HOUSING FOR FEDERAL UNIVERSITIES IN SOUTH-EAST, NIGERIA

Jovita N. Nnametu, Charles C. Egolum, Fidelis I. Emoh, Ifeoma N. Obinwa

Abstract


Provision of housing for staff in federal universities has been an enigma to all the stakeholders due to the numerous challenges associated not limited to finance. The study investigated the various financing challenges for the provision of staff housing for federal universities in the South-East, Nigeria. The objective of the study was to identify the financing challenges facing the provision of staff housing in Nigerian federal universities especially in the South-East. A sample of staff made up of both teaching and non-teaching staff were selected using stratified random sampling and a structured questionnaire was adopted as the major instrument for data collection. The data were analyzed with mean analyses. Result from the study showed that the financing challenges facing effective development of staff housing in the institutions studied include poor housing finance system, high volatility of housing cost, imposition of the IPPIS payment system, neglect of staff welfare, high interest rate on loans and stringent loan conditions. The study recommended that finance technocrats should search for workable, suitable and efficient financing strategy to solve the financing challenges identified. It also recommended the use of competent professionals who are university staff in the finance and the built environment departments. Staff Cooperatives should be encouraged to use their funds to develop affordable housing for members especially where there is access to vast undeveloped land and efficient repayment package.

Keywords: Federal Universities, Financing Challenges, South-East Nigeria, Staff Housing


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