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Published On: Tue, May 27th, 2014

Only quarter of workforce contribute to Nigeria’s housing fund

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Oyo State Controller of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Raheem Onitolo, said less than 25 per cent of the working population in Nigeria contributes to the National Housing Fund (NHF).

Onitolo, who made the disclosure in Ibadan while speaking with the News Agency of Nigeria (NAN), expressed regret that most Nigerians have a wrong perception of the fund.

“The NHF is available to both government and private workers, but unfortunately most workers are pessimistic about it.

“Many believe that nothing works in Nigeria and because of this, they hold back from contributing to the fund or even harnessing it,” he said. The controller dismissed the fear of bureaucracy associated with the processing of the fund, saying FMBN had improved the process of accessing the fund.

He advised workers applying for the fund to ensure their landed property were supported with government approved title deeds.

“Having a registered title document is a major consideration we cannot overlook, ‘’ he said.

Onitolo said that retired workers, who did not access the fund while in service, would have their contributions refunded in lump sum with two per cent interest added.

He said that the refund would be paid within 90 days of the receipt of the application.

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