N265bn Disbursed Under National Housing Fund – Fed Govt

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The Federal Mortgage Bank Wednesday announced it had so far disbursed N265bn to subscribers under the National Housing Fund.

It also announced subscribers to the fund had increased to 5.1 million, as 570,000 new contributors had been added to the NHF scheme.

The Managing Director of FMBN, Ahmed Dangiwa, said the cumulative disbursement of N265bn represented an increase of about N112bn or 74 per cent over the N152.5bn which the current management met in 2017.

Dangiwa, who spoke at the 2020 Housing in Abuja, stated within the last three years, about 8,700 new homes had been added, a growth of 43 per cent, to attain a cumulative 29,133 funded housing units.

He also noted that within the three-year period, NHF collections grew by N186bn, representing 80 per cent, to reach a cumulative amount of N418bn as of September 2020.

the home renovation micro-loan, Dangiwa said the bank had been able to grow this by over 2,000 per cent from about 2,600 to 56,000 loans in the last three years.

In terms of subscriber base, the FMBN boss explained that about 570,000 contributors had been added to attain a contributor base of over 5.1 million NHF subscribers.

Dangiwa told participants at the that 34 out of the 36 of the federation were compliant regarding workers’ contributions with five resuming contributions within the past three years.

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

“Over the years, the loan 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 loan to aid self-, a micro-loan for home renovation and -to-own.”

Dangiwa also said FMBN planned a of the NHF Act to ensure mandatory investments by and insurance companies.

In another , the bank stated that it would deliver 5,000 housing units from its Mini- Housing Programme under the National Economic Sustainability Plan of the within 12 months.

Dangiwa disclosed this in a statement issued in Abuja Wednesday by the Head, Corporate Communications Group, FMBN, Lawal Isa.

He said the 5,000 housing units were in addition to the delivery of about 2,500 units under the labour projects, as the bank had delivered 1,400 units under the Workers Affordable Housing Programme.