A Tale of Two Reforms

Nigeria faces a stark policy paradox. While the Contributory Pension Scheme (CPS) introduced in 2004 has grown pension assets from virtually nothing to ₦28.04 trillion by January 2026 , the National Housing Fund (NHF) established in 1992, twelve years earlier, struggles with over ₦3 trillion locked in underutilized funds despite a housing deficit exceeding 20 million units. (Business360 News, 2026; Nairametrics, 2026) (Punch Newspapers, 2024) (Independent Newspapers Nigeria, 2023) (Federal Mortgage Bank of Nigeria, 1992) (BusinessDay, 2024)

The pension reform transformed retirement security through mandatory contributions, private fund management, and strong regulatory oversight under the National Pension Commission (PenCom). In contrast, the NHF suffers from bureaucratic bottlenecks, low accessibility, contributor mistrust, and limited impact despite mandatory 2.5% worker contributions.

This policy analysis examines why Nigeria’s pension reform succeeded while the housing fund languishes, and proposes a bold restructuring framework. Key findings reveal that pension assets grew 22.64% year-on-year, with transparent governance and efficient benefit disbursement . Meanwhile, NHF has disbursed only ₦455 billion in loans since inception over 33 years , serving a fraction of contributors. (The Guardian Nigeria, 2024)

The document recommends adopting the pension playbook: establish an independent NHF regulatory commission, introduce competing housing fund administrators, mandate transparent reporting, and create clear contributor rights. Without urgent reform, Nigeria risks perpetuating a system where workers contribute but cannot access affordable housing, while the pension system continues demonstrating that institutional transformation is achievable when governance, competition, and accountability align.

Background: The National Housing Fund’s Unfulfilled Promise

Established through Decree No. 3 of 1992, the National Housing Fund was designed to mobilize long-term funds for affordable housing by requiring Nigerian workers earning ₦3,000 or above annually to contribute 2.5% of their basic monthly salary. The Federal Mortgage Bank of Nigeria (FMBN) manages the fund with the mandate to provide accessible mortgage loans at 6% interest, repayable over 30 years with a maximum loan of ₦15 million (later increased to ₦50 million) . (Federal Mortgage Bank of Nigeria, 1992)

On paper, the scheme offers compelling benefits: contributors can access housing loans after just six months of contributions, enjoy fixed single-digit interest rates, and utilize long repayment periods that make homeownership financially feasible. The 2.5% contribution is tax-deductible, providing additional fiscal incentive. In April 2023, the government revised the scheme, making contributions voluntary for private-sector workers while maintaining mandatory participation for public servants .

The Reality: A Massive Implementation Gap

However, despite over three decades of operation, the NHF has failed to deliver on its promise. The performance metrics reveal a stark disconnect between collections and disbursements:

Table 1: NHF Performance Metrics Showing the Implementation Gap

As of 2024, FMBN approved only ₦71.5 billion in housing loans, up from ₦39.7 billion in 2023 . Since inception in 1992, total loan disbursements reached merely ₦455.13 billion, serving approximately 166,926 new contributors captured between January and October 2024, bringing total registered contributors to 5,858,136 . Compare this to Nigeria’s estimated 200+ million population and formal workforce, and the gap becomes glaring. The fund has accumulated over ₦3 trillion in collections , yet vast majority of contributors never access housing loans. (Punch Newspapers, 2024) (The Guardian Nigeria, 2024) (Nairametrics, 2025; Punch Newspapers, 2024)

Systemic Barriers to Access

Contributors face bureaucratic approval processes, lengthy documentation requirements, employer non-cooperation in providing guarantees, and months-long waiting periods. Many applications remain pending, rejected, or stalled, creating what stakeholders describe as an ‘implementation-access gap’ where participation does not translate to benefits .

The housing deficit stands between 20-28 million units, with Nigeria needing to deliver 550,000-700,000 new homes annually just to keep pace with population growth and urbanization . Current production barely reaches 100,000-150,000 units yearly. The NHF’s inability to channel its ₦3+ trillion accumulated funds into mass housing development represents a catastrophic policy failure, leaving millions of contributors viewing their mandatory deductions as an additional tax rather than a pathway to homeownership. (Punch Newspapers, 2024) (Independent Newspapers Nigeria, 2023)

Current Challenges: Why the NHF System is Failing

The National Housing Fund faces systemic failures across five critical dimensions. (Federal Mortgage Bank of Nigeria, 1992)

1. Accessibility Barriers Prevent Contributors from Obtaining Benefits

Despite mandatory contributions, only a small fraction successfully access housing loans. Applications require extensive documentation including employer repayment guarantees, land title verification, building approvals, and multiple certifications. Employers frequently refuse to provide deduction-at-source guarantees, stalling applications indefinitely. Processing timelines stretch for months, with many applications rejected for technical reasons. Contributors who have faithfully paid for years find themselves unable to access the very benefits their contributions should guarantee.

2. Institutional Weaknesses Plague Fund Management

Unlike the pension system with independent PenCom oversight, the NHF operates under FMBN with limited transparency and accountability. There is no independent regulator to enforce contributor rights, investigate complaints, or sanction poor performance. Fund utilization reports lack detail, making it impossible for contributors to track how their money is invested. The absence of competition means FMBN faces no pressure to improve service delivery or innovate products.

3. Trust Deficit Undermines the Scheme

Contributors increasingly view NHF deductions as involuntary taxation rather than housing benefits, given the implementation-access gap . Limited visibility of successful outcomes and slow processing erode confidence. The 2023 policy change making private sector contributions voluntary reflected this mistrust, but also reduced fund inflows, creating a vicious cycle.

4. Capital Market Disconnect Limits Impact

While pension funds invest in diversified portfolios including Federal Government securities (59.55% of ₦28 trillion) , corporate bonds, equities, and infrastructure, NHF investments remain opaque. There is no clear framework for how accumulated funds generate returns or support housing development at scale. The fund has provided guarantees like ₦100 billion for Renewed Hope Housing projects , but overall capital deployment remains inadequate relative to the ₦3+ trillion collected. (Business360 News, 2026) (Punch Newspapers, 2024)

5. Inadequate Housing Production Persists

Despite substantial collections, FMBN’s annual impact remains minimal. In 2024, the bank achieved its first operational surplus of ₦11.58 billion in over 30 years , yet housing unit delivery remains far below national needs. The disconnect between fund size and housing output reveals fundamental structural problems requiring comprehensive reform.

Pension Reform Success: The 2004 Transformation

Nigeria’s Contributory Pension Scheme, introduced through the Pension Reform Act of 2004 and amended in 2014, represents one of the nation’s most successful institutional reforms. Before 2004, the Defined Benefit Scheme left retirees waiting years for pension payments, with governments struggling under unsustainable pension liabilities. Pensioners often died without receiving benefits, and backlogs accumulated as the workforce expanded. (BusinessDay, 2024)

The Pension Reform Act revolutionized this landscape by establishing a contributory framework where employees and employers jointly fund individual Retirement Savings Accounts (RSAs). Initial contributions were set at 15% of monthly earnings, increased to 18% minimum by the 2014 amendment . The reform created the National Pension Commission (PenCom) as an independent regulatory body with enforcement powers, introduced licensed Pension Fund Administrators (PFAs) to manage investments competitively, and appointed Pension Fund Custodians (PFCs) to hold assets securely. This three-tier structure ensured transparency, competition, and accountability.

Transformative Results

Results have been transformative. As of January 2026, total pension Assets Under Management reached ₦28.04 trillion, up from ₦22.86 trillion in January 2025, a 22.64% year-on-year increase . The industry added approximately ₦589 billion in one month (December 2025 to January 2026). Over 10.58 million workers are now registered under RSA accounts. (Business360 News, 2026; Nairametrics, 2026)

In June 2025, PenCom launched ‘Pension Boost 1.0,’ increasing monthly pension payouts from ₦8.3 billion to ₦11.9 billion (43.37% increase), directly benefiting over 233,000 retirees . This uplift was made possible by strong investment returns on RSA balances, demonstrating the system’s financial sustainability.

Strategic Investment Allocation

Pension funds invest strategically across multiple asset classes to ensure diversification and risk management. The allocation demonstrates a balanced approach to generating returns while maintaining security for contributors.

Figure 1: Pension Asset Allocation by Investment Category

The regulatory framework mandates quarterly reporting, annual audits, and real-time disclosure of fund performance. Contributors can monitor their RSA balances online, switch between PFAs if dissatisfied, and access benefits predictably upon retirement. The system has weathered economic challenges, maintained fiscal discipline, and earned public trust; a stark contrast to the housing fund’s trajectory.

Comparative Analysis: Pension vs Housing Fund Performance

A side-by-side comparison reveals fundamental differences in governance, performance, and outcomes between Nigeria’s pension and housing fund systems. The pension system operates under independent regulatory oversight through PenCom, which enforces compliance, protects contributor rights, and sanctions defaulters. In contrast, the housing fund lacks independent regulation, operating under FMBN’s direct management without external oversight. Competition drives pension performance: multiple licensed PFAs compete for contributors, innovating products and improving service delivery. The housing system remains monopolistic, with FMBN as the sole administrator, eliminating competitive pressure for efficiency.

Transparency differs dramatically. Pension contributors receive quarterly statements showing RSA balances, investment performance, and projected retirement benefits. Online portals enable real-time account monitoring. Housing contributors often lack visibility into fund utilization, investment returns, or benefit eligibility status. Contribution rates show interesting contrasts. Pension contributions total 18% of monthly earnings (split between employer and employee), while housing requires only 2.5%. Yet pension assets of ₦28.04 trillion dwarf housing’s ₦3+ trillion, partly due to earlier establishment but primarily reflecting superior management and contributor confidence. (Business360 News, 2026; Nairametrics, 2026) (Punch Newspapers, 2024)

Benefit accessibility represents the starkest difference. Pension retirees access benefits within defined timelines through streamlined processes. Housing contributors face bureaucratic barriers, lengthy approvals, and high rejection rates. Impact measurement highlights the gap. Pension payouts increased 43.37% to ₦11.9 billion monthly, benefiting 233,000+ retirees . Housing loans of ₦71.5 billion annually reach a fraction of the 5.8+ million registered contributors. Asset growth trajectories diverge. Pension assets grew 22.64% year-on-year , driven by investment returns and contribution inflows. Housing fund growth remains stagnant relative to need, with accumulated funds underutilized. The pension system demonstrates that institutional reform works when governance, competition, transparency, and accountability align – lessons the housing sector must urgently adopt. (Nairametrics, 2025; Punch Newspapers, 2024)

Table 2: Comparative Analysis of Nigeria’s Pension System (CPS) and the National Housing Fund (NHF) (Federal Mortgage Bank of Nigeria, 1992)

Lessons from International Models: Chile’s Pension Experience (International Monetary Fund, 2021; KPMG, 2025)

Nigeria’s pension reform drew inspiration from Chile’s pioneering contributory system established in 1981, which replaced a failing pay-as-you-go model with individual capitalization accounts managed by private administrators. Chile’s model influenced pension reforms across Latin America and emerging markets, including Nigeria’s 2004 transformation. However, Chile’s recent experience offers cautionary lessons alongside successes. Chile’s system initially achieved positive outcomes: private savings increased, financial markets deepened, and the government’s fiscal burden reduced. The fully funded defined contribution approach financed individual accounts through Administradoras de Fondos de Pensiones (AFPs), similar to Nigeria’s PFAs. The system matured over four decades, accumulating substantial assets. Yet challenges emerged. Replacement rates fell below OECD peers as contribution rates set too low at establishment failed to adjust for demographic changes and declining global returns . Labor market informality and low contribution density (workers contributing irregularly) undermined retirement adequacy. Women faced particular disadvantage due to longer life expectancy and career interruptions. Public dissatisfaction grew, culminating in social unrest and pressure for reform. (International Monetary Fund, 2021; KPMG, 2025)

In response, Chile enacted major reforms in 2025, creating a mixed system combining individual accounts with social insurance benefits. The reform introduced a 7% employer contribution (reaching total 8.5% including disability insurance), established the Autonomous Pension Protection Fund (FAPP) for social security benefits, provided women’s compensation for longevity differences, and mandated rewards for contribution years . Key lessons for Nigeria include: First, initial parameters matter – contribution rates must reflect demographic realities and expected returns. Second, complementary social insurance is necessary to address market failures and protect vulnerable groups. Third, continuous adaptation is essential as economic conditions evolve. Fourth, transparency and stakeholder engagement prevent crisis-driven reforms. (International Monetary Fund, 2021; KPMG, 2025)

Nigeria’s pension system avoided Chile’s pitfalls by setting adequate contribution rates (18%) and maintaining regulatory oversight. The housing fund, however, exhibits Chile’s early problems: low effective contributions relative to need, inadequate adjustment to changing demographics, and insufficient attention to beneficiary outcomes. Applying pension reform principles while learning from Chile’s experience could prevent the housing system from requiring crisis-driven overhaul decades hence. (International Monetary Fund, 2021; KPMG, 2025)

Recommendations: A Housing Fund Reform Blueprint

Drawing from pension reform success and international experience, Nigeria must adopt a comprehensive housing fund restructuring framework across seven strategic pillars.

1. Establish Independent Regulatory Body

Establish the National Housing Fund Commission (NHFC) as an independent regulatory body modeled on PenCom. The NHFC would oversee fund administrators, enforce contributor rights, sanction non-compliance, and ensure transparency. This separates regulatory oversight from fund management, eliminating conflicts of interest inherent in FMBN’s dual role. (Federal Mortgage Bank of Nigeria, 1992)

2. Introduce Licensed Housing Fund Administrators

Introduce licensed Housing Fund Administrators (HFAs) to compete in managing housing contributions. Multiple HFAs would compete on service delivery, loan approval speed, housing products, and contributor satisfaction, mirroring the pension sector’s competitive dynamics. FMBN could transition to an HFA alongside private sector operators, creating market discipline.

3. Mandate Contributor Account Transparency

Mandate contributor account transparency through online portals showing contribution history, fund balance, investment returns, and benefit eligibility. Quarterly statements and real-time access would restore contributor confidence and enable informed decisions.

4. Increase Contribution Rates Progressively

Increase contribution rates progressively from 2.5% to 5-6% of basic salary over five years, with employer co-contributions introduced at 2-3%. Higher contribution rates, modeled on pension’s 18% total, would generate capital mass necessary for large-scale housing delivery. Phase implementation to allow economic adjustment.

5. Diversify Fund Deployment

Diversify fund deployment through clear investment guidelines. Allocate percentages to: direct mortgage lending (40-50%), housing development project financing (25-30%), housing bonds and securities (15-20%), and operational reserves (5-10%). Transparent allocation rules would ensure funds actively support housing production rather than remaining idle.

6. Streamline Benefit Access

Streamline benefit access by eliminating bureaucratic barriers. Standardize documentation requirements, mandate maximum processing timelines (e.g., 30-45 days for approvals), remove employer guarantee requirements, and introduce digital application platforms.

7. Introduce Complementary Programs

Introduce complementary programs addressing systemic housing constraints: partner with state governments on land administration reforms, establish housing development corporations for mass construction, create secondary mortgage markets for liquidity, and develop rent-to-own schemes for lower-income workers.

Implementation Timeline

Years 1-2: Establish NHFC and legal framework

Years 2-3: License initial HFAs and begin competition

Years 3-5: Achieve full system transition with multiple administrators, increased contributions, and scaled housing delivery

Success Metrics

• Contributor satisfaction scores
• Loan approval rates and timelines
• Housing units delivered annually
• Fund utilization percentages
• Beneficiary-to-contributor ratios

This blueprint transforms the NHF from a failing monopoly into a competitive, transparent system that actually delivers affordable housing to Nigerian workers.

Implementation Framework and Expected Outcomes

Successful NHF reform requires a phased implementation strategy with clear milestones, stakeholder roles, and success indicators. Phase One (Months 1-12) focuses on legal and institutional foundation. The National Assembly must pass the National Housing Fund Reform Act establishing NHFC as an independent regulator, defining HFA licensing requirements, and setting contributor rights. The presidency appoints NHFC commissioners with housing finance, regulation, and governance expertise. NHFC develops operational guidelines, licensing standards, and reporting frameworks. Simultaneously, FMBN prepares for transition from administrator-regulator to licensed HFA, restructuring operations for competitive environment. (Federal Mortgage Bank of Nigeria, 1992)

Phase Two (Months 13-30) launches competitive administration. NHFC issues licenses to qualified HFAs, both private sector and FMBN. Contributors gain choice in selecting HFAs based on service quality and performance. Digital platforms roll out enabling online account access, loan applications, and fund transfers between HFAs. Contribution rates begin gradual increase from 2.5% toward 5%, with employer co-contributions introduced. Investment guidelines take effect, requiring HFAs to deploy funds actively in housing development.

Phase Three (Months 31-60) achieves full system maturity. Multiple HFAs compete across all regions, innovation flourishes in housing products and loan structures, and contributor numbers expand as trust rebuilds. Housing delivery accelerates through partnerships with developers, secondary mortgage markets develop providing liquidity, and loan approval rates improve dramatically with reduced processing times.

Projected Performance Trajectory

Current state: ₦71.5 billion annual loans , 5.8 million contributors . Year 3 projection: ₦250 billion loans, 8 million contributors. Year 5 projection: ₦500 billion loans, 12 million contributors, showing exponential growth under reform scenario. (Nairametrics, 2025; Punch Newspapers, 2024)

Figure 3: Projected NHF Annual Loan Disbursements Under Proposed Reforms

Expected outcomes by Year 5: Contributor base expands from 5.8 million to 12+ million active participants as confidence returns. Annual housing loan approvals increase from ₦71.5 billion to ₦500+ billion, reaching 10x current levels. Housing units financed grow from thousands to 50,000+ annually, substantively addressing the deficit. Fund assets under management exceed ₦8-10 trillion through higher contributions and better returns. Contributor satisfaction scores rise from current low levels to 70%+ positive ratings. Loan approval timelines drop from months to 30-45 days maximum. (Nairametrics, 2025; Punch Newspapers, 2024)

Secondary Benefits and Risk Mitigation

Secondary benefits include capital market deepening through housing bonds, financial inclusion via expanded mortgage access, employment generation in construction and related sectors, and demonstration effect encouraging broader housing sector reforms. Risks include political resistance from entrenched interests, implementation delays if commitment wavers, and transition disruptions during system changeover. Mitigation strategies involve strong presidential backing, phased timelines allowing adjustment, stakeholder consultation throughout, and clear communication on reform benefits. The pension reform’s 20-year track record proves institutional transformation is achievable when governance, transparency, and competition align. The same principles must now rescue Nigeria’s failing housing fund.

Conclusion: The Urgency of Reform Cannot Be Overstated

Nigeria stands at a critical housing policy juncture. The contrast between pension reform success and housing fund failure is not coincidental; it reflects fundamental differences in governance, competition, transparency, and accountability. The pension system’s transformation from crisis to ₦28.04 trillion in assets and rising retiree benefits demonstrates that institutional reform works when properly structured. The housing fund’s stagnation despite ₦3+ trillion in collections and a 20+ million unit deficit reveals what happens when monopolistic, opaque systems operate without independent oversight or competitive pressure. (Business360 News, 2026; Nairametrics, 2026) (Punch Newspapers, 2024)

The policy imperative is clear: Nigeria must apply the pension playbook to housing. Establish independent regulation through a National Housing Fund Commission, introduce competition via licensed Housing Fund Administrators, mandate transparency giving contributors visibility and control, increase contribution rates to generate necessary capital, and streamline access eliminating bureaucratic barriers that prevent contributors from obtaining benefits. (Federal Mortgage Bank of Nigeria, 1992)

International experience, particularly Chile’s pension journey, reinforces these lessons while cautioning against complacency. Systems must adapt continuously to demographic shifts, economic conditions, and beneficiary needs. The 2025 Chilean reforms, introducing mixed models with social insurance alongside individual accounts, suggest that Nigeria’s housing fund may need complementary mechanisms beyond pure market approaches, particularly for lower-income workers and vulnerable groups. (International Monetary Fund, 2021; KPMG, 2025)

The human cost of inaction compounds daily. Millions of Nigerian workers see mandatory 2.5% deductions vanish into a system offering little hope of homeownership. Contributors approaching retirement face the bitter irony of paying for decades without accessing affordable housing while simultaneously benefiting from pension reforms that actually deliver retirement security. This disparity is not inevitable, it is the result of policy choices that can be reversed through political will and institutional courage.

The housing deficit will not solve itself. Nigeria’s population continues to grow; urbanization accelerates, and demand intensifies. Without aggressive reform, the gap between housing need and supply will widen further, condemning future generations to informal settlements, unaffordable rents, and perpetual housing insecurity. The blueprint exists, proven by pension reform success. The resources exist, locked in the ₦3+ trillion fund. What is required now is leadership – political leaders willing to champion reform, regulatory architects willing to design robust institutions, and stakeholder courage to disrupt failing systems in favor of structures that serve contributors. (Punch Newspapers, 2024) (Independent Newspapers Nigeria, 2023)

The pension transformation happened because leaders recognized that incremental adjustments to a broken system achieve nothing. The same boldness must now be applied to housing. Nigeria’s housing fund stands at a crossroads: continue the path of underperformance, contributor mistrust, and policy failure, or pivot decisively toward the pension model that has transformed retirement security. The choice will determine whether millions of Nigerian workers gain affordable housing or remain trapped in a system that extracts contributions while delivering minimal benefits.

The time for that choice is now. Twenty years from now, Nigeria will look back at this moment and judge whether leaders seized the reform opportunity or allowed another generation of workers to suffer under a system everyone knows is failing. The pension playbook works. The housing sector must learn from it urgently, comprehensively, and with the commitment that transformed Nigeria’s pension landscape from crisis to success story.

Nigeria’s Pension Assets Hit N28 Trillion in January 2026 Amid Steady …

Housing crisis: Over N3tn locked in NHF as Nigerians struggle for …

FMBN disburses N455b loans, refunds N91b in 33 years

NHF ACT. CAP N45 SOFT COPIES – fmbn.gov.ng

Amendment of the National Housing Fund Act and Contribution into the … (Federal Mortgage Bank of Nigeria, 1992)

Federal Mortgage Bank housing loan approvals hit N71.5 billion in 2024

National Housing Fund: Rhetoric or Reality? Insights from a Multi … (Federal Mortgage Bank of Nigeria, 1992)

Nigeria’s Housing Deficit: Over 20 Million Units Needed To Mitigate …

Pension Assets reach N28.04 trillion in January 2026

FMBN approves N71.5bn housing loans – Punch Newspapers

The journey so far: 20 years of contributory pension scheme in Nigeria

PenCom launches Pension Boost 1.0, increases Monthly Pension Payments …

Assessing Chile’s Pension System: Challenges and Reform Options … – IMF (International Monetary Fund, 2021; KPMG, 2025)

CL – Publication of Pension Reform Law

References

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Centre for Housing and Sustainable Development, University of Lagos. (n.d.). National Housing Fund: Rhetoric or reality? Insights from a multi‑stakeholder workshop. https://chsdunilag.org/national-housing-fund-rhetoric-or-reality-insights-from-a-multi-stakeholder-workshop/ (Federal Mortgage Bank of Nigeria, 1992)

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Independent Newspapers Nigeria. (2023). Nigeria’s housing deficit: Over 20 million units needed to mitigate rapid urbanisation. https://independent.ng/nigerias-housing-deficit-over-20-million-units-needed-to-mitigate-rapid-urbanisation/ (Independent Newspapers Nigeria, 2023)

International Monetary Fund. (2021). Assessing Chile’s pension system: Challenges and reform options (IMF Working Paper No. WP/21/232). https://www.imf.org/-/media/Files/Publications/WP/2021/English/wpiea2021232-print-pdf.ashx (International Monetary Fund, 2021; KPMG, 2025)

KPMG. (2025). Publication of pension reform law (Chile). https://kpmg.com/xx/en/our-insights/gms-flash-alert/flash-alert-2025-076.html (International Monetary Fund, 2021; KPMG, 2025)

Nairametrics. (2025, July 31). Federal Mortgage Bank housing loan approvals hit ₦71.5 billion in 2024. https://nairametrics.com/2025/07/31/federal-mortgage-bank-housing-loan-approvals-hit-n71-5-billion-in-2024/ (Nairametrics, 2025; Punch Newspapers, 2024)

Nairametrics. (2026, March 6). Pension assets reach ₦28.04 trillion in January 2026 as fixed income dominates. https://nairametrics.com/2026/03/06/pension-assets-reach-n28-04-trillion-in-january-2026-as-fixed-income-dominates/ (Business360 News, 2026; Nairametrics, 2026)

Pension Nigeria. (2025). PenCom launches Pension Boost 1.0, increases monthly pension payments to retirees. https://www.pensionnigeria.com/pension-news/pencom-launches-pension-boost-1-0-increases-monthly-pension-payments-to-retirees/

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The Guardian Nigeria. (2024). FMBN disburses ₦455bn loans, refunds ₦91bn in 33 years. https://guardian.ng/news/fmbn-disburses-n455b-loans-refunds-n91b-in-33-years/ (The Guardian Nigeria, 2024)

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