Only 25% Of Workers Contribute To NHF

The Oyo State Control
ler of the Federal Mortgage Bank of Nigeria (FMBN), Mr Raheem Onitolo has said that less than 25 per cent of the working population in Nigeria contribute to the National Housing Fund (NHF).
Onitola, who disclosed this to newsmen in Ibadan, Monday, explained that some workers and their employers are yet to realise the very essence of the housing fund, inspite of present day challenges.
He expressed regret that most Nigerians have a very wrong perception of the fund, probably due to the wrong information that they have received from people or due to apathy and lack of willingness to contribute to the system.
According to him, the NHF is very much available to both government organisations, as well as for those that work in private organization, but unfortunately most workers are pessimistic about it.
He said “many believe that nothing good works in Nigeria and because of that they hold back from contributing to the fund or even harnessing it.”
The State Mortage Controller also dismissed the fear of bureaucracy associated with the processing of the fund, saying that FMBN had improved the process of accessing the fund.
He however, advised workers applying for the fund to ensure that their landed property were supported with government approved title deed, as this will give them a good standing.
“Having a registered title document is a major consideration we cannot overlook. Retired workers who did not access the fund while in service, would have their contributions refunded in lump sum with two per cent interest that will be added,” he stated.
Onitolo also said that the refund is usually paid within 90 days of the receipt of the application.