We’re yet to receive N26.5bn housing fund – FMBN

Posted by Timige, On 25 Aug, 2023 | Updated On 25 Aug, 2023 No Comments »


The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman, has said the Office of the Accountant General of the Federation (OAGF) is yet to remit an outstanding of N26.5 billion National Housing Fund (NHF) to the bank.

Hamman said this Thursday while making a presentation when he appeared before the House of Representatives ad-hoc committee investigating the alleged non-remittances of the National Housing Funds and the utilisation of the funds from 2011 till date.

He said a total of N11.6 billion was deducted from the NHF by the federal government between October 26 and December 2022 in its revenue drive, adding that they mistook the NHF coming to the bank to be part of revenue.

He also said there was another non remittance of N11.5 billion by the Integrated Payroll and Personnel Information System (IPPIS) between January and December 2022.

Taraba govt moves to stop illegal miners

Wike orders owner’s arrest as 2 killed, many injured in Abuja building collapse

Hamman also said another N3.5 billion deducted from the NHF by IPPIS between April and July 2021 is also yet to be remitted to the bank.

Meanwhile, the MD has said the bank received a total remittance of N591.5 billion National Housing Funds from both the formal and informal sectors between 2011 and July 2023.

He said a total of N347.5 billion has been used to finance the constructions of 158,521 housing units under various schemes across the country.

Source: State Lagos - Daily Trust

Do you have question or opinion about this post? Make it in the comment below.

Please Share with Your Friends/Followers

Get Current with Nigeria, Subscribe Now!

We'll never share your email with anyone else.

Leave a Reply

Your email address will not be published. Required fields are marked *

Comment moderation is enabled. Your comment may take some time to appear.