Defaults in NHF payments hit N6.7trn in 5 years

Defaults in payment to the National Housing Fund (NHF) in Nigeria have reached N6.7trillion in five years, New Telegraph has learnt.

According to findings, commercial banks, insurance companies and private firms that are supposed to be contributing 10 per cent of their revenues to the fund annually as mandated by NHF Act 1992 were culpable.

Between 2011 and 2016 till now, investigations showed that they had defaulted to the tune of N6.7 trillion.

With population of over 180 million, high level of unemployment rate and huge shortage of decent and affordable homes, Nigeria is in the centre of 17 million housing crisis, with no immediate solution in sight.

It was also discovered that many real estate developers have defaulted in their loan repayment to the bank, while some companies are not remitting their workers’ contribution to NHF.

New Telegraph, March 8, 2018

 

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