FMBN generates N344.17bn from national housing fund since 1992

Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mrs Rahimota Aliyu, on Wednesday, disclosed that whooping sum of N344.17 billion has so far accrued from National Housing Fund (NHF) contributed by Nigerian workers between 1992 and third quarter of 2019.

She disclosed this in Abuja while briefing the House Committee on Housing and Habitat chaired by Hon. Mustapha Dawaki.

According to the document submitted to the Committee, the total sum of N29.891 billion has so far been disbursed to 266,806 beneficiaries during the period under review.

So far, the Bank has registered 23,269 employers and 4,887,717 contributors as well as 1,139 cooperative societies comprising of 22,033 cooperatives members.

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As stipulated in the NHF Act, 1992, sources of Federal Mortgage Bank’s fund accrued from 2.5% of worker’s monthly income; investments by banks (10% of annual loan portfolio); investments by insurance companies (40% of life and 20% of non-life funds) as well as Federal Government’s contribution.

Other windows created for workers to access the fund include NHF Mortgage loan, NHF Construction loan, Rent-to-Own product, House Ownership loan, Estate Development Loan (EDL), Ministerial Pilot Housing Scheme (PPP) and Cooperative Housing Development loan respectively.

Mrs Aliyu disclosed that the sum of N800 million has been disbursed to Sokoto State and execute projects in the state capital city, adding that maximum of N15 million can be accessed by each registered contributor and Cooperative Society into the NHF.

In their separate interventions, Chairman, House Committee on Housing and Habitat, Hon. Mustapha Dawaki and other members tasked FMBN management on the need to create windows for Nigerians living in the rural areas as well as low and middle-income earners to access the housing fund as part of efforts geared toward reducing the huge housing deficit estimated at 17 million.