Cooperative Societies, A panacea to Housing-Relief in the Tertiary Institutions in Nigeria: A Case Study of the Federal Polyethnic, Bida, Niger State.

Abstract

Abstract The paper examined on how cooperative societies operating as a panacea to housing relieve in the tertiary institution in Nigeria. The Federal Polytechnic Bida, Niger State .There are five cooperative societies in the polytechnic .These are: CT&CS society, MASS cooperative society, SENSTAFF cooperative society, G16 cooperative society and Halal cooperative society. Random Sampling technique was adopted in selection of 355 members of cooperative societies. Data collected were analyzed using descriptive analysis, cross tabulation, charts and Pearson's moment correlation. The study reveals that majority of the respondents have benefited from the housing loan which amount to 91.27% while only 8.73% said they do not benefit from the housing loan. This implies that the cooperative societies have major role on housing relieve in the study area. It was found out amongst others that G-16 cooperative society records highest amount of housing loan disbursement between years 2015 and 2019 with N234,301,186, N196,021,000, N211,410,111, and N331,018,131. It also reveals that the Pearson's for the correlation between the total annual housing loan disbursements and total annual number of housing loan beneficiaries variables is -0.483 which means that changes in total annual housing loan disbursements have weak negative correlation with changes in total annual number of housing loan beneficiaries of the cooperative societies in the Polytechnic. It therefore recommended amongst others that management interference with cooperative fund recovery should be totally discouraged henceforth, so that enough capital can be made available at the disposal of the cooperative societies for the cooperative members housing loan disbursement. Also there is the need for the cooperative societies in the Polytechnic to look inward to their fund raising portfolio through linkage with other financial institutions. It is also recommended that cooperatives societies should setup a committee of experts who should be proactive in resolving all contending cooperative issues of loan applications by cooperative members in terms of complaints that are generated from time to time. Keywords: Cooperative society, panacea, Relieve housing, tertiary