Lawyers' Guide
Laws of the Federation Preview 40 min read

National Housing Fund Act

md

NATIONAL HOUSING FUND ACT

SECTION

ARRANGEMENT OF SECTIONS

1. Establishment of the National Housing Fund.

2. Aims and objectives of the Fund.

3. Resources of the Fund.

4. Contribution by Nigerian workers.

5. Contribution by banks, etc.

6. Contributions by the Federal Government.

7. Management of the Fund, etc.

8. Utilisation of loan by mortgage institutions.

9. Deductions by employers from monthly salary of workers.

10. Participation in the fund by self-employed persons.

11. Duty of the Central Bank of Nigeria to collect contribution from Banks.

12. Determination of amount due from insurance companies.

13. Bank to pay money received into the Fund.

14. Beneficiaries under the Fund.

15. Security for Fund facilities.

16. Interest rate.

17. Refund to a contributor after retirement from office, etc.

18. Inspection.

19. Rendering of accounts.

20. Offence and penalty for failure by an employer to deduct or pay deductions.

21. Offence of making false statement or misrepresentation, etc.

22. Failure to produce document.

23. Exemption from payment of income tax.

24. Jurisdiction.

25. Regulations.

26. Interpretation.

27. Short title.

NATIONAL HOUSING FUND ACT

An Act to provide for the establishment of the National Housing Fund and for matters connected therewith.

[1992 No.3.]

[Commencement.]

[31st January, 1992]

1. Establishment of the National Housing Fund

(1) There is hereby established a fund to be known as the National Housing Fund (in this

Act referred to as “the Fund”).

(2) All contributions and other monies required or prescribed by this Act shall be paid into the Fund.

2. Aims and objectives of the Fund

The aims and objectives of the Fund shall be to-

(a) facilitate the mobilisation of the Fund for the provision of houses for Nigerians at affordable prices;
(b) ensure the constant supply of loans to Nigerians for the purpose of building, purchasing and improvement of residential houses;
(c) provide incentives for the capital market to invest in property development;
(d) encourage the development of specific programmes that would ensure effective financing of housing development, in particular low cost housing for low income workers;

Continue reading National Housing Fund Act

You have read the opening. Unlock the full library once and it stays unlocked - one payment, no subscription, the same library as the app.

  • All 725 Laws of the Federation, A to Z
  • 916 full judgments and 269 case collections
  • 8,046 legal principles and 124 rules of court
  • 343 drafts, with the Draft Builder
  • The Law Dictionary - 31,442 terms
  • Law School notes and 2,082 MCQs
Unlock the libraryI have an access code

Every Act, case collection and principle beginning with A, B or C is free to read in full, without unlocking - the same boundary as the Android app.