The New Dreams Home Through Twenty Five Percent Equity Contribution, From Retirement Savings Account and Its Implication on the Pension Industry in Nigeria

Ayobami Ademola Adekunle
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Ayobami Ademola Adekunle: Department of General Education Studies, Adeleke University, Ede, Osun State

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 3, 10-19

Abstract: The essential of life are Food, Clothing and Shelter. Therefore the importance of a Worker having his Own personal House cannot be overemphasised. In the year 2022, the National Pension Commission In Nigeria, came out with a New Scheme on Housing Project. The New Scheme will give all Workers Who are on Contributory Pension Scheme an opportunity to own their own Dreams Houses, with 25 Per cent Equity Contribution from their Retirement Savings Account .In other to achieve this laudable Programme, 34 Mortgage Banks were given approval and commissioned to help the Workers fulfilled their dreams. The Paper examined the New Dreams Home through 25% Equity Contribution from Retirement Savings Account and its implication on the Pension Industry in Nigeria. The Author relied on Secondary data from the National Pension Commission and Nairametrics, which is a bulletin. Also the idea of using Equity Contribution is already entrenched in the year 2014 Pension Reform Acts, the idea was just been reactivated by the National Pension Commission. The findings from the study are as follows(I)It was observed that many Nigerians do not have their own Houses as such the initiative ofthe National Pension Commission will help many Workers to own their own Houses. (ii) It is hope that if the New Housing Scheme is carefully carried out by the various Stakeholders the successful implementation is capable of improving the welfare of the people and thereby move the Country forward. (iii) The benefits of the New Housing Scheme will Positively reflect in every homes in Nigeria. As such the Pension Regulators and Operators should help to protect the gains of the New Scheme, by avoiding Personal, parochial and narrow interest. And (iv). In view of the serious and lamentable housing deficit in Nigeria, the New Housing Scheme Is capable of re-writing the history of Nigeria for good, if it is properly executed.

Date: 2023
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