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Federal Mortgage Bank Disburses N298 Billion Under National Housing Fund Scheme

Last Updated on July 13, 2021 by Ope Quadri

A few months ago, we informed you that you can own an apartment in Nigeria with as low as N2, 000, 000 under the National Social Housing Programme. Today, the Federal Mortgage Bank of Nigeria reveals that it has disbursed close to N300 billion under the housing scheme.

We extensively analyzed how you can apply for the housing scheme and be one of the beneficiaries of the noble course, more details are available at https://infomediang.com/national-social-housing-programme

The question is many Nigerians are asking is…

Who exactly has benefited from the scheme apart from those who have political affiliation with top senior politicians in Abuja?

A finding carried out by InfomediaNG showed that hundreds of Nigerians are benefiting from this scheme, we can not however say if they are connected with politicians or not.

The fact is…

The government needs to do more considering the population of Nigerians, it’s like a drop of water in the ocean.

While answering questions from journalists in Katsina, the Managing Director of FMBN, Ahmed Dangiwa, said the bank had so far ‘given out over N297.7bn under its various windows’ in the National Housing Fund scheme.

Stating that the bank refunded a cumulative sum of N41.1bn to 353,519 beneficiaries who had exited the scheme due to retirement from service.

The idea behind the National Housing Scheme

Established by Act 3 of 1992, the National Housing Scheme was designed to serve as a pool of long-term funds for housing delivery for Nigerians

How it operates:

It is funded by 2.5 percent of workers’ monthly income and mandatory investments of percentages of the business portfolios of banks and insurance companies.

During a one-day sensitization programme on the NHF for the employees of Katsina State chapter of the Nigeria Union of Local Government Employees, he was quoted by The Punch as saying, “The bank has given out over N297.7bn under its various windows while creating 30,719 new homes and 22,416 mortgages for Nigerians in the process.

“A cumulative sum of N41.1bn has also been refunded to 353,519 beneficiaries who have exited the scheme due to retirement from service.

Participating States

According to the FMBN boss, a sum of N50bn has been disbursed under the FMBN Home Renovation Loan window to 67,448 beneficiaries as of May, 2021.

1) The number of the participating states has been increased from 28 to 34

2) NHF collections has been grown from N232bn to N466bn.

“Loan disbursement during our current tenure also grew by more than 85 percent to N297.7bn from N152bn in 2017 while the housing stock increased from 20,435 to 30,719. Refund to retired contributors grew by 275 percent from N 10.8bn to N42bn,” he said.

Have you applied? Check your status if you are qualified to benefit from the Federal Government’s housing scheme and be a landlord.

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