A total sum of N134.1 billion has been collected under the National Housing Fund (NHF) since inception in 1992.
Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Alhaji Gimba Kumo, disclosed this in Abuja, at the sideline of the World Economic Forum on Africa. Kumo said that out of the amount, the bank was able to collect N8.1 billion over the last three and a half years, from December 2010 to date.
He said that the achievement was made possible through its awareness programmes on the benefit of the fund, which a number of states have keyed into. He noted that monthly collection of the bank stands between N2.2 billion and N2.5 billion, while efforts are being made to improve on it.
The FMBN boss said though the Federal Government approved N5 billion as the bank’s capital base in 2003/2004, the current capital base stands at N2.5 billion. He asserted that the bank needs N250 billion capital base to operate optimally.
According to Kumo, before December 2010, between 22 and 24 states were contributing to the NHF, but the bank had increased the number to 31, including FCT. He said the total refund of NHF before 2010 was less than N1 billion, noting however that it has recently been raised to N2.7 billion.