The Federal Mortgage Bank of Nigeria offers mortgage financing to eligible Nigerians through the National Housing Fund, providing a route to buy, build, improve or renovate a home.

The NHF Mortgage Loan is currently available to contributors at an interest rate of 6 per cent per annum, with repayment of up to 30 years.

According to FMBN on its website, the current information shows that eligible contributors can access up to ₦50 million, subject to affordability and the value of the property.

Here are the key things applicants should know about the scheme and how to apply.

What is the FMBN mortgage loan?

The NHF Mortgage Loan is a housing finance facility administered by FMBN through accredited and licensed Primary Mortgage Banks (PMBs).

The facility can be used to buy, build, improve or renovate an owner-occupied home. The property being financed serves as security for the loan.

Unlike a conventional commercial mortgage, the NHF facility is designed to provide contributors with longer repayment periods and a concessionary interest rate.

Who is eligible?

Applicants generally have to meet the following conditions:

* Be a Nigerian citizen aged 18 or above.
* Be a contributor to the National Housing Fund.
* Have made continuous NHF contributions for at least six months.
* Have a stable source of income or, for self-employed applicants, provide evidence of regular income.
* Apply through an FMBN-accredited and licensed mortgage loan originator/Primary Mortgage Bank.
* Have a property that meets the relevant legal and planning requirements.

FMBN also states that loan repayment affordability is assessed using a maximum of one-third of the applicant’s income.

How much can you borrow?

FMBN’s current NHF Mortgage Loan page says a contributor can access up to ₦50 million, subject to affordability and other lending conditions.

The property also matters. FMBN’s published conditions state that an individual should not receive more than 90 per cent of the cost or value of the property being mortgaged.

The older ₦15 million figure still appears in some FMBN documents and online guides, but FMBN’s current product page now states ₦50 million. Applicants should therefore rely on the latest terms provided by FMBN and their accredited mortgage institution.

What is the interest rate?

The interest rate for NHF contributors is not more than 6 per cent per annum. FMBN currently describes the facility as being provided to accredited PMBs at 4 per cent for onward lending to NHF contributors at 6 per cent.

How long do you have to repay?

The maximum repayment period is 30 years, subject to factors including the applicant’s age, income and years in service.

Repayments are made through the mortgage loan originator through which the applicant obtained the loan.

How to apply

1. Confirm your NHF contribution

You must first be registered as an NHF contributor and have made the required continuous contributions.

FMBN now provides an online personal/individual NHF registration portal for new contributors.

2. Choose an accredited mortgage institution

Applicants do not simply walk into FMBN and collect the mortgage loan directly. The application is made through a licensed and FMBN-accredited Primary Mortgage Bank/mortgage loan originator, which processes the application and submits it to FMBN.

3. Obtain the mortgage application form

The mortgage institution will provide the relevant application form and guide you on the documentation required for your particular application.

4. Prepare your documents

Depending on the nature of the application, applicants may be required to provide documents such as:

* Completed mortgage loan application form;
* Evidence of NHF contribution;
* Proof of income;
* Recent payslips or other income evidence;
* Property title documents;
* Valuation report for the property;
* Bill of quantities where the loan is for construction;
* Relevant tax and employment documents; and
* Other legal documents required by the mortgage institution.

The exact documentation can vary depending on whether the applicant is buying, building or renovating a property.

5. Submit the application

The application and supporting documents are submitted to the accredited mortgage institution.

The institution assesses the applicant’s income, repayment capacity, property and documentation before forwarding the application to FMBN where applicable.

6. Property and legal checks

The property is subjected to valuation and legal checks. FMBN’s conditions require the mortgaged property to provide adequate security and comply with relevant planning and legal requirements.

7. Approval and disbursement

Once the relevant conditions are satisfied and the loan is approved, the funds are disbursed through the mortgage loan originator for the approved housing purpose.

What can the loan be used for?

The NHF Mortgage Loan can be used to:

* Buy a residential property;
* Build a home;
* Improve an existing home; or
* Renovate an existing home.

FMBN specifically describes its NHF facility as covering these housing purposes.

How can Nigerians check their NHF contributions?

FMBN provides digital channels through which contributors can access information about their NHF accounts. The Bank’s website also provides online registration and account services for contributors.

Important warning for applicants

Applicants should be careful of individuals who claim they can “secure” an FMBN loan in exchange for money.

FMBN’s official website carries warnings about fraudsters posing as NHF facilitation officers. Applicants should deal only with FMBN and its accredited mortgage institutions and verify any request for payment before proceeding.

FMBN’s official website provides information on its mortgage products, NHF services and application channels.

Apply Here: https://fmbn.gov.ng/products/nhf_mortgage_loan

Source: punchng.com

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The Federal Government has reaffirmed its commitment to tackling food shortages and unemployment in the country through agriculture and livestock development.

The Minister of Livestock Development, Idi Maiha, stated this at the second International Conference of the Agrifood Systems Stakeholders Forum at the University of Port Harcourt on Monday.

The forum, organised by the Agricultural Policy Research Network, focused on solutions to food insecurity, poverty and youth unemployment in the country.

Represented by the Director of Ruminant and Monogastric Development, Victor Egbon, Maiha commended APRNet for organising the conference.

He called for continued collaboration among stakeholders to advance agriculture and urged relevant stakeholders to support the Federal Government’s coordinated national livestock development agenda.

According to him, the initiative would boost agricultural productivity, create jobs and restore citizens’ confidence in the sector.

Maiha acknowledged the challenges limiting the growth of the sector, saying the Federal Government was addressing them through improved access to skills, finance, infrastructure and markets.

“Our agrifood systems are under growing pressure from climate variability, flooding, drought, land degradation and rising input costs,” he said.

He identified animal diseases, post-harvest losses, weak market linkages and limited access to finance as other challenges affecting producers and consumers.

“Within these challenges lies a compelling opportunity to build agrifood systems that are more productive, inclusive and climate-resilient, while creating decent jobs for women and young people,” he said.

The minister said the livestock value chain offered huge opportunities across various businesses, including feed production, hatcheries and dairy collection.

He added that animal health services, storage, processing, logistics and waste-to-wealth enterprises remained viable investment opportunities that were yet to be fully harnessed.

Earlier, the Vice-Chancellor of UNIPORT, Prof. Princewill Chike, described agriculture as a major solution to brain drain and youth migration.

Chike said migration had continued to accelerate brain drain, thereby slowing economic growth across Africa.

“The government and policymakers must make agriculture more attractive to youths to address the ‘Japa’ syndrome,” he said.

The vice-chancellor commended the administration of President Bola Tinubu for prioritising agriculture and called for sustainability in agricultural policies.

Also speaking, the President and Conference Coordinator of APRNet, Prof. Anthony Onoja, thanked partners for their collaboration in organising the conference.

Onoja, a lecturer in the Department of Agricultural Economics and Agribusiness Management at UNIPORT, called for stronger collaboration to tackle food insecurity and youth unemployment.

He said the conference was designed to combine academic knowledge with policy-based solutions to address hunger and poverty.

“This meeting is expected to provide sustainable solutions to low farm productivity, build resilience against rising climate issues and address conflict in the country,” Onoja said.

The News Agency of Nigeria reports that the conference was supported by the Federal Government, the European Union and the International Fund for Agricultural Development, among others.

NAN

Source: punchng.com

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The Abia State Government has said its ongoing tax administration reforms are not aimed at increasing the taxes payable by residents, but at improving transparency, accountability and ease of doing business.

The state Commissioner for Information, Okey Kanu, stated this on Monday while briefing journalists at the Government House, Umuahia, on the outcome of the State Executive Council meeting presided over by Governor Alex Otti.

Kanu said the reforms were designed to make tax administration “more transparent, traceable, auditable, automated and taxpayer-friendly,” while eliminating revenue leakages, multiple collections and arbitrary practices.

He said, “Automation is not a tax increase. Transparency is not a tax increase. Closing revenue leakages is not a tax increase.”

The commissioner explained that the integration of revenue collection systems, particularly at vehicle licensing offices, was introduced to eliminate cash handling and ensure that payments made by taxpayers were properly accounted for and remitted to the government.

He also said there had been no increase in Pay-As-You-Earn, land or vehicle taxes, stressing that the Abia State Board of Internal Revenue lacked the power to unilaterally alter tax rates.

On the Tax Clearance Certificate, Kanu said the process was being implemented in line with existing tax laws and the new national tax framework, which require proper assessment of taxpayers’ income rather than the previous practice of paying a flat amount without adequate assessment.

He said the government would not arbitrarily classify funds or payments into taxpayers’ bank accounts as taxable income, but would establish through lawful assessment and verification which transactions constituted taxable income.

Also speaking, the Special Adviser to the Governor on Internally Generated Revenue, Dr Emmanuel Okpechi, said the reforms were intended to promote transparency on both sides of the tax administration process.

Okpechi said taxpayers were expected to declare their income honestly, while the government would ensure that no citizen was taxed beyond what the law prescribed.

On the consolidated demand notice for businesses, he explained that the initiative was introduced to harmonise various charges and eliminate multiple collections by government agencies.

“Instead of multiple people coming to harass you, you pay at one point and you are cleared,” he said.

Okpechi added, “What we are doing is strengthening the system, making transparency work, both for the government and for the taxpayer. Nobody will be taxed a kobo beyond what is lawful.”

The Executive Chairman of the Abia State Board of Internal Revenue, Uche Elekwachi, also said the board had not increased taxes, but was enforcing existing tax laws and introducing systems to improve compliance and block revenue leakages.

“There is no increment whatsoever. No increment on PAYE, no increment on lands, no increment on vehicle licences or for the issuance of Tax Clearance Certificates, TCC,” Elekwachi said.

He explained that the government had consolidated the various payments so that taxpayers would not receive multiple demand notices after making the required payment.

“What the government has done is to consolidate these payments so that once you pay, nobody comes to you with any other demand notice. What we did was mere integration into the government system,” he said.

Elekwachi further clarified that the board would not automatically treat every inflow into a taxpayer’s bank account as taxable income, adding that taxpayers seeking Tax Clearance Certificates would have the opportunity to explain and substantiate the nature of their transactions during the assessment process.

The Chief Press Secretary to the governor, Ukoha Njoku Ukoha, said the clarification became necessary following claims by some opposition figures concerning the state’s tax reforms.

He said the new tax system had harmonised various payments, including stallage and ASEPA fees.

“Whether it is stallage, ASEPA fee or any other, what the government did was to consolidate it, so that once one pays, he has paid everything,” Ukoha said.

Source: punchng.com

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