From Magnus Eze, Enugu
Nigeria Employers’ Consultative Association (NECA) has appealed to workers in the South East to take advantage of a new policy by the Federal Government which allows them access up to 25 per cent of their retirement savings.
The appeal was made to the workers to utilise the policy and acquire their own homes at a workshop on housing organised by a real estate firm, Beracah Consulting in Enugu, yesterday.
NECA said the government, through the National Pension Commission, in a recent policy shift provides for its contributors to access 25 per cent of their Retirement Savings Account (RSA) to be used as equity contribution for purchase of property.
South East Chairman of NECA and Managing Director, COPEN Group, Ugo Chime, described the new policy as the best thing that has happened to Nigerian workers in recent years, noting that it would help them acquire homes even while they are still young.
He said: “We are aware that the commission warehouses about N16 trillion from about 10 million contributors. Twenty five per cent of that means that N4 trillion has been made available to the real sector.
“At an average cost of 15 million per housing unit, that translates to 267,000 housing units. It is a game changer, especially when the World Bank posits that we need to deliver 700,000 housing units yearly to enable us bridge the yawning housing deficit.”
Also, Managing Director, Beracah Consulting, Aworoke Ogbimi, said the new policy would help workers overcome the challenge of raising funds to acquire homes.