I was going through my payslip and stumbled upon the monthly National Housing Fund Deduction (2.5% of Basic salary).

This time I decided to check up the site and find out more for myself. Like myself, I am sure millions of Nigeria are contributing to this fund. Some are aware while many do not even know that they are because they have no access to their payslip. Either way the money is definitely going to The Federal Mortgage Bank of Nigeria (FMBN) designated account.

The conditions and requirements to access the funds seem okay up to a maximum 15million Naira per contributor and with 6% repayment interest rate payable over 30 years. PLUS YOU CAN EVEN APPLY FOR REFUND of your contribution albeit at a later stage in life which seems good. If its truly implemented

If you or anyone you know has ever benefitted from the scheme. PLEASE SHARE THE EXPERIENCES Positive or Negative -LET NLanders know.

It would be nice to share so many more can benefit from it. Millions are making contributions per month and it would be great to see real benefit from these contributions and some retirees can even start planning to claim refunds.

I would post more info later but you can check it up on www.fmbn.gov.ng

NHF - Aims and Objectives

Mobilization of funds for the provision of affordable residential houses for Nigerians.
Provide loans to Nigerians for erecting, purchasing or renovating houses.
Encourage programs that would enhance housing financing among low and medium income earners. The Fund is also to service the non - salaried informal sector.
Provide long term loans to Mortgage Institutions for lending to contributors of the Fund

All sweet but have people really benefitted share your story Good or bad.

More to come

http://www.fmbn.gov.ng/doc/AimsAndObjectives