National Housing Fund (NHF)
The National Housing Fund (NHF) is a contributory housing scheme set up by the NHF Act. Nigerian workers earning ₦3,000 or more a year contribute 2.5% of their basic monthly salary, which the employer deducts and remits to the Federal Mortgage Bank of Nigeria within one month.
The National Housing Fund (NHF) is a contributory housing scheme set up by the NHF Act. Nigerian workers earning ₦3,000 or more a year contribute 2.5% of their basic monthly salary, which the employer deducts and remits to the Federal Mortgage Bank of Nigeria within one month.
NHF contributions are an allowable deduction for PAYE, so they lower the employee’s tax. Contributors can apply for housing loans on FMBN’s terms, and those who never take a loan can have their contributions refunded at 60, or on retirement if they can no longer contribute.
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