The management of National Pension Commission (PenCom) has said that Retirement Savings Accounts (RSA) holders in Nigeria are now eligible to acquire their own home with 25 per cent of their pension.
According to PenCom, this is based on the new mortgage policy. Nigeria housing deficit reports show grew from seven million in 1991 to 28 million in 2023, leading to overcrowded and obsolete housing infrastructure.
PenCom at a workshop in Lagos last Thursday explained that in 2014, the Personal Retirement Account (PRA) was amended to allow contributors access 25 per cent of their RSA balance as down payment for mortgage.
The organization lamented that Nigeria has one of the lowest home ownership rates in the world estimated at 9 per cent of the population. “There are no standard/National home ownership model in Nigeria like Singapore, USA etc,” PenCom said at the workshop.
PenCom however said it has decided to expand its horizon to make retirement enjoyable for pensioners through inclusion of housing mortgage.
