2.2 Withholding of social security

Commentary

2.2.3 National Housing Fund (NHF)

Nigeria
Nigeria | Commentary

2.2.3 National Housing Fund (NHF)

Nigeria | Commentary

2.2.3     National Housing Fund (NHF)

The National Housing Fund (NHF) is a Federal Government scheme which entitles all Nigerians above the age of 21 years in paid employment to a low interest, government-funded loan. To fund the scheme it is mandatory for all Nigerians earning NGN 3,000 per annum or more to contribute 2.5% of their basic monthly salary to the fund through the Federal Mortgage Bank of Nigeria via the Mortgage Banking Association of Nigeria (MBAN).

Employers must deduct this amount and pay it over to MBAN within one month of deduction. It is an employee only contribution and employers are only required to administer the collection and remittance of the contributions

In order to apply for a loan, the member must

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial