A proposed Amendment to the Federal Government Staff Housing Loans Board (FGSHLB) Act, currently, before the House of Representatives, has set the stage for Federal Public Servants to derive guaranteed benefits from their contributions to the National Housing Fund (NHF). The Nigerian Tribune learnt that the Amendment is proposing that 50 per cent of employees of the federal government’s contribution to the National Housing Fund, go to the Federal Government Staff Housing Loans Board,( FGSHL). Statutorily, the National Housing Fund Act compels workers to contribute two and half per cent of their salaries to the fund and the law empowers employers to deduct the contributions at source. According to the source, the existing law, setting up the National Housing Fund, gives the Federal Mortgage Bank of Nigeria, the power to manage the funds being contributed by workers. “But, unfortunately, the Federal Mortgage Bank operates as a secondary mortgage institution that does not deal with individual contributors.

Source: Nigerian Tribune April 18, 2018 02:26 UTC