FG Says it Has Disbursed N265 Billion Under National Housing Fund

The Federal Government said through the Federal Mortgage Bank it has disbursed N265 billion to various subscribers under the National Housing Fund.

This represents an increase of 74 percent or N112 billion more than the N152.5 billion that the present management met in 2017.

Ahmed Dangiwa, the Managing Director of FMBN, disclosed this while speaking at the 2020 Housing Summit in Abuja.

Dangiwa said subscribers to the fund has risen to 5.1 million, up from 570,000 as new 570,000 new contributors have been added to the NHF scheme.

He explained that within the last three years, around 8,700 new homes were added, representing a growth of 43 percent, to take the total funded housing units to 29,133.

According to him, within the same period, the fund collections rose by N186 billion or 80 percent to attain a cumulative amount of N418 billion as of September 2020.

He said, “The NHF scheme, established by Act 3 of 1992 was created to serve as a pool of long-term funds for housing delivery, funded by 2.5 per cent of workers’ monthly income and mandatory investments of percentages of the business portfolios of banks and insurance companies.

“Over the years, the loan products under the NHF scheme have been expanded to cater for the various needs of its contributors.

“Presently, the NHF provides fixed interest mortgages for home acquisition, an individual construction loan to aid self-development, a micro-loan for home renovation and rent-to-own.”