Housing crisis: Workers resort to their pension savings for home ownership

Data from the National Pension Commission (PenCom) shows that the number of workers withdrawing from their pension savings to fund home ownership has increased by 284 percent to 28,437, while the total amount withdrawn rose by 228 percent to N92.7 billion. This trend occurs amid a worsening housing crisis, with Nigeria's housing deficit estimated at 14.9 million units and requiring about N21 trillion to bridge. Despite the National Housing Fund (NHF) being established to facilitate home ownership financing, experts argue it has not adequately addressed the funding challenges. The President of the Nigeria Labour Congress, Joe Ajaero, noted that despite an increase in the NHF pool, workers are still unable to access loans.

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