The House of Representatives, led by Speaker Hon Tajudeen Abbas, has announced that it will be reviewing the outdated National Housing Fund Act of 1992 in response to the current economic situation in Nigeria. This move comes as the Ad-hoc Committee is inaugurated to investigate the non-remittance of contributions to the National Housing Fund and the utilization of the Fund from 2011 until now.
The Speaker emphasized the need for a review of the Act, stating that the scheme was originally designed to provide affordable housing opportunities for Nigerians but has become obsolete over time. He highlighted the importance of the National Housing Fund (NHF) in addressing the fundamental need for affordable housing among citizens.
Under the NHF Act of 1992, employers in both the private and public sectors are required to contribute 2.5% of their workers’ monthly earnings to the Fund. Offenders who fail to comply with sections 20 and 21 of the Act are subject to fines and imprisonment.
The Speaker expressed concern over allegations of non-remittance, mismanagement, and misappropriation of funds meant for Nigerian workers’ housing. He emphasized that the transparent and efficient management of the Fund in accordance with the law is essential to realizing the goal of affordable housing for all.
To further investigate these allegations and review the utilization of the Fund from 2011 onwards, the House initiated the Ad-hoc Committee. The Speaker called upon the Committee members to approach their task with a sense of responsibility, with the aim of uncovering the truth and holding those responsible accountable. The ultimate goal is to propose solutions that strengthen the NHF and prevent similar issues from arising in the future.
In his opening remarks, Chairman of the Committee Hon Datchung Bagos emphasized the committee’s mission to assist Nigerian workers in securing housing. He called on stakeholders to provide input that would contribute to solving the housing needs of Nigerian workers.
The NHF Scheme, established by the Federal Government in 1992, was created to address the housing needs of Nigerian workers in both the public and private sectors. It allows Nigerians above the age of 21 who are gainfully employed to access low-interest loans. Despite these efforts, the housing deficit in Nigeria remains high, and many contributors to the scheme still lack affordable housing.
Major stakeholders in the housing sector participated in the hearing and made submissions on how to solve the housing challenge in Nigeria. The House of Representatives is committed to conducting a thorough investigation to ensure that Nigerian workers and contributors benefit from the NHF scheme as intended.
