Managing Director/CEO of the Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa, says additional 570,000 new subscribers have joined the National Housing Fund (NHF), bringing the subscribers to 5.1 million.
Dangiwa who disclosed this at the recently concluded 2020 housing Summit in Abuja, also added that a total of N265 billion has been disbursed by FMBN, representing an increase of 73.8 per cent or N112.5bn on the initial N152.5bn, achieved in 2017 by the current management team.
He also stated that within the last three years, new homes grew by 43 per cent to 8,700 new homes with total housing units of 29,133 under the NHF scheme.
Dangiwa revealed, “NHF collections grew by N186bn, representing 80 per cent, to reach a cumulative amount of N418bn as of September 2020.
On the home renovation micro-loan, 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.”
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 percent of workers’ monthly income and mandatory investments of percentages of the business portfolios of banks and insurance companies.
The National Housing Fund (NHF) is a thoughtful scheme introduced by the Federal Government of Nigeria to enable Nigerians in all sectors of the economy, particularly those within the lowest income brackets to own their homes by consistently contributing 2.5 per cent of their monthly salaries to the Federal Mortgage Bank of Nigeria (FMBN) which manages the fund.