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HomeNewsAfricaNigeria’s new pension-to-mortgage policy unlikely to ‘move the needle’

Nigeria’s new pension-to-mortgage policy unlikely to ‘move the needle’

With this policy, the commission hopes to tackle housing or home ownership challenges among the country’s workers.

Applicants, together with their employers, must have contributed to their Retirement Savings Account (RSA) for a cumulative minimum period of five years to be eligible. Contributors to the Micro Pension Plan (MPP), a new pension scheme launched by President Muhammadu Buhari in 2019 for entrepreneurs and informal sector workers, must also have cumulatively remitted for at least five years. Couples can also jointly apply as long as they satisfy the requirements individually.

However, the policy is unlikely to “move the needle”, say some.



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