3.77mn Nigerian workers contribute N106bn to Housing Fund– official

The money was contributed by workers in 28 states.

The Federal Mortgage Bank of Nigeria (FMBN) has said 3.77 million workers nationwide had so far contributed N106 billion to the National Housing Fund (NHF) as at March.

The Managing Director of the Bank, Gimba Ya’u Kumo, disclosed this at the ongoing 2013 Lagos Housing Fair on Thursday in Lagos.

According to Mr. Ya’u Kumo, out of the amount, N101 billion has been disbursed to beneficiaries to enable them build, buy or renovate their houses. He said the amount was contributed by 28 states and that eight states are still not contributing to the fund.

“This is not good as they are depriving their workers from benefiting from the fund.

“It should be noted that in spite of the challenges, NHF fund is being used nationwide to develop housing estates for workers,” The bank boss, who spoke on:”Partnering for Housing Delivery through the National Housing Fund (NHF),” said.

M. Ya’u Kumo, who was represented by Kabir Yagboyaju, the Head, Loans and Production Department, said that the bank was now providing Estate Development Loans and Informal Sector Cooperative Society Loans Schemes.

According to him, developers and cooperative societies can get these loans at 10 per cent interest rate.

He said that for the informal sector to access the loan, each member of a cooperative society must have contributed N4, 600 for a period of six months to the fund.

The theme of the fair is “Climate Change and Housing Delivery”.

(NAN)