Housing crisis: Workers resort to their pension savings for home ownership

•Number of withdrawers rises 284% to 28,437 •Amount withdrawn rises 228% to N92.7bn •Experts make case for Nigerians not on CPS •Despite increase in NHF pool, workers still unable to get loans – Ajaero
By Rosemary Iwunze
Amid the worsening cost of housing and declining purchasing power, more workers under the Contributory Pension Scheme, CPS, are turning to their pension savings to raise equity contributions for residential home ownership loans.
The development comes against the backdrop of the country’s widening housing deficit, estimated at 14.9 million units, with experts putting the funding requirement for bridging the gap at about N21 trillion.
Despite the establishment of th...