President Muhammadu Buhari has declined assent to the controversial National Housing Fund Bill and seven other bills passed by the National Assembly.
Senate President Bukola Saraki announced this at Tuesday plenary.
The so-called National Housing Fund (establishment) Act, 2018, was secretly passed by the Senate on November 6, 2018, following its passage by the House of Representatives on July 17, 2018.
The Bill seeks to repeal the National Housing Fund Act Cap. N45, Laws of the Federal Republic of Nigeria, 2004 to provide for additional sources of funding for effective financing of housing development in Nigeria and was sponsored by Ahmad Kaita (APC, Katsina North).
The Act provides among others for every commercial or merchant bank, insurance companies, and Pension Fund Administrators (PFAs) to invest 10 percent of its profit before tax (PBT) into the Fund at an interest rate of 1 percent above the interest rate payable on current accounts of banks.
The Fund will also forcibly collect contributions from Nigerians, both in the public and private sectors; manufacturers and importers.
The Federal Government is to contribute to the fund at its discretion.
Employees and self-employed Nigerians, who earn above the minimum wage, must contribute 2.5 percent of their monthly salaries to the Fund. Manufacturers and importers are also to contribute 2.5 percent to the Fund.
There’s also a levy on locally and imported cement, which will be 2.5 percent ex-factory price before transportation cost for each bag of 50 kilogramme or its equivalent in bulk.
Other bills rejected by President Buhari include the Ajaokuta Steel Company Completion Fund Bill, Nigerian Aeronautical Search and Rescue Bill, Small and Medium Enterprises Development Agency Bill, National Biotechnology Development Agency Bill, National Institute of Credit Administration Bill, Federal Mortgage Bank of Nigeria Bill as well as the Chattered Institute of Training and Development of Nigeria (Establishment) Bill.
