The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman says the bank received N591.5 billion in National Housing Funds from the formal and informal sectors between 2011 and July 2023.
Hamman disclosed this on Thursday when he appeared before the House of Representatives ad-hoc committee investigating the usage of housing funds.
He said N347.5 billion has been used to finance the construction of 158,521 housing units under various schemes across the country.
However, he noted that the Office of the Accountant General of the Federation (OAGF) has yet to remit an outstanding N26.5 billion National Housing Fund (NHF) to the bank.
He claimed another non-remittance of N11.5 billion by the Integrated Payroll and Personnel Information System (IPPIS) between January and December 2022.
