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Global - April 29, 2022

Senate Moves To Domicile Hajj Funds In CBN


The Senate, on Wednesday, passed for second reading, a bill to amend the National Hajj Commission of Nigeria (NAHCON) Act.


The bill, sponsored by Senator Ibrahim Danbaba (Sokoto South), seeks to domicile all funds accruing to the Hajj Savings Scheme in the Central Bank of Nigeria (CBN). The funds are currently warehoused in a commercial bank.

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The scheme creates an avenue for intending Nigerian Muslim pilgrims, especially low-income earners, to save for Hajj (pilgrimage to the holy lands of Makkah and Madina).


NAHCON and Jaiz Bank Plc had in September 2020 signed a savings scheme agreement to make it easier for intending pilgrims to gradually plan and save through a long-saving platform for people who intend to go for hajj.


The proposed legislation also aims at prohibiting NAHCON from using funds accruing to the scheme for its operations.


The amendment also seeks to restrict the activities of the Commission to its regulatory and coordinating functions as it relates to the conduct and operation of Hajj and Umrah in Nigeria.


Source: Tribune online

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