The news of the passage of the National Housing Fund (Establishment) Bill (“the proposed Act”), recently broke. The Bill is intended to largely replace the existing National Housing Fund Act Cap N45, Laws of the Federation of Nigeria 2004. The objective of the new law is to provide for additional sources of funding for effective financing of housing development in Nigeria. A quick review of the proposed law indicates that there are not many areas of differences with the existing laws, other than the attempt to jerk up the financial obligations of contributors.
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