Economy
FMBN Supports Tax On Vacant Houses In FCT

FMBN Supports Tax On Vacant Houses In FCT
FMBN supports rax on vacant houses in FCT…Records N11.58bn Operational Surplus in 2024
The Federal Mortgage Bank of Nigeria (FMBN) has backed calls for taxing vacant houses in Abuja, stating that the measure could generate funds for affordable housing for low and middle-income earners.
Speaking at a media briefing on Wednesday to mark his first year in office, FMBN Managing Director Shehu Usman Osidi stressed the need to bridge Nigeria’s housing deficit by ensuring underutilized properties contribute to sector growth.
“Vacant houses in Abuja should be taxed. At FMBN, our priority is financing affordable housing for low and middle-income earners.
Taxing these houses could encourage more investment in accessible housing, as many of the vacant properties are beyond the reach of our target customers,” Osidi stated.
FMBN’s 2024 Financial Performance
Osidi announced that FMBN recorded an operational surplus of N11.58 billion in 2024, the first time in over 30 years the bank has achieved such a milestone.
He credited this success to strategic revenue growth, cost-cutting measures, and prudent financial management, though he acknowledged that impairments could impact the final surplus figure. Efforts are underway to address inefficiencies that have led to high impairments in the past.
Additionally, National Housing Fund (NHF) contributions grew to N103 billion in 2024, reflecting a N3 billion increase from 2023’s N100 billion.
“This growth in NHF collections signifies renewed trust and participation by Nigerian workers,” Osidi noted.
Key Achievements in 2024
658 employer organizations and 178,619 employees registered under the NHF scheme, up from 556 employers and 113,577 employees in 2023.
Kano State civil servants rejoined the NHF scheme after 24 years, following a deal signed on January 1, 2025. With over 160,000 civil servants, Kano’s participation is expected to significantly boost contributions.
N71.5 billion in loans was approved, compared to N39.75 billion in 2023.
N14.4 billion refunded to 44,333 beneficiaries, up from N13.2 billion refunded to 40,426 beneficiaries in 2023.
Addressing Non-Performing Loans and Recapitalization

FMBN
Osidi emphasized ongoing efforts to reduce high non-performing loans (NPLs) inherited by the current administration while pursuing the recapitalization of FMBN to strengthen its financial position.
“We are committed to tackling non-performing loans and recapitalizing the bank to ensure long-term financial stability,” he assured.
The FMBN’s latest achievements mark a new era of stability and growth, with a clear focus on affordable housing, financial discipline, and sustainable development in Nigeria’s real estate sector.
Crime
Customs Seizes 34,470L Of Smuggled Petrol At Taraba-Cameroon Border

Customs Seizes 34,470L Of Smuggled Petrol At Taraba-Cameroon Border
Customs seizes 34,470L of Smuggled petrol at Taraba-Cameroon border. The Nigeria Customs Service (NCS) has intensified its crackdown on fuel smuggling, seizing 34,470 liters of Premium Motor Spirit (PMS) and a heavy-duty transportation truck in a three-hour operation along the Taraba-Cameroon border.
The enforcement, led by the Customs’ Operation Whirlwind unit, targeted smugglers operating through Gembu and Kan-Iyaka in Sardauna LGA, a known smuggling corridor.
Speaking at a public auction in Jalingo, Comptroller General of Customs, Bashir Adewale Adeniyi, disclosed that the operation was carried out with support from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Office of the National Security Adviser.
Adeniyi explained that intelligence from the inter-agency intelligence fusion center detected unusual fuel movement patterns in the Sorofi and Kan-Iyaka areas between March 8 and 9, 2025.
Acting on this, field teams executed a series of coordinated interceptions, disrupting what appeared to be an emerging smuggling route.
The seizure included 1,149 Jerry cans of PMS, each containing 30 liters, totaling 34,470 liters. A specialized transportation truck valued at ₦4 million was also confiscated, bringing the total duty-paid value to ₦37.78 million.
Adeniyi noted that a significant portion of the smuggled fuel was intercepted in Gembu, while 180 Jerry cans and the truck were seized en route to the Kan-Iyaka border crossing.

Cameroon Border
Describing fuel smuggling as a threat to national security and economic stability, Adeniyi urged security agencies to remain vigilant. He stressed that petrol is vital to economic activities and warned that shortages could slow down the economy.
He reaffirmed the NCS’s commitment to tackling smuggling networks and safeguarding Nigeria’s energy sector and economic interests.
Akwa Ibom
Akwa Ibom Lawmaker Covers Medical Bills For Patients At Palmer Memorial Hospital

Akwa Ibom Lawmaker Covers Medical Bills For Patients At Palmer Memorial Hospital
Akwa Ibom Lawmaker covers medical bills for patients at palmer memorial Hospital. For patients at Palmer Memorial Hospital in Ikot Usen, Ibiono Ibom Local Government Area, financial hardship often stood between them and life-saving treatment. That changed when Rt. Hon. (Barr.) Ime Basy Okon, the Member Representing Itu-Ibiono Ibom Federal Constituency, stepped in to settle outstanding medical bills, offering patients a renewed chance at life.
The compassionate gesture came during Day 2 of the ongoing free medical and surgical outreach sponsored by the lawmaker across Itu and Ibiono Ibom Local Government Areas. While inspecting the outreach on Day 1, Okon learned of emergency cases where patients remained stranded due to unpaid hospital bills.
Moved by their plight, he personally cleared their debts a decision he emphasized was outside the outreach’s budget, but a private intervention to support his constituents in urgent need.
Among the beneficiaries was Abasima Offiong, who had suffered a spinal cord injury and required emergency surgery. With no means to cover the cost, his condition was critical, until Hon.Okon’s intervention ensured his procedure was fully funded.
Another case was Idongesit Ndifreke, who had undergone a Caesarean section but remained in the hospital for over two weeks due to unpaid bills. The lawmaker’s generosity not only secured her discharge but also allowed her to return home with her newborn.

Akwa Ibom
One of the most harrowing stories involved a woman whose unborn child had died in the womb. Lacking funds for an emergency procedure, her life hung in the balance. Overcome with emotion, Okon immediately took over the cost of surgery, ensuring swift medical intervention to save her life.
Speaking during the event, the lawmaker reaffirmed his commitment to humanitarian efforts. “When God blesses us, we should also be a blessing to others,” he said, underscoring the importance of compassion and community support. Grateful beneficiaries and their families hailed Okon’s intervention as both timely and life-saving.
As the free medical and surgical outreach continues, it remains a beacon of hope for residents of Itu and Ibiono Ibom, reinforcing Okon’s dedication to accessible healthcare and the well-being of his constituents.
Economy
Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe
Government approves N1.149bn for solar street lights, infrastructure in Gombe. He said the governor approved the projects to align with his vision for infrastructure development.
The Gombe government has approved N1.149 billion for the installation of solar street lights and other infrastructure in three local government areas of the state.
Mahmood Yusuf, director-general, Joint Project Development Agency, stated this at a news conference on Thursday in Gombe.
He said the Joint Project Council (JPC) meeting chaired by Gov. Inuwa Yahaya, approved the projects to align with his vision for infrastructure development.
Mr Yusuf listed the projects to include the installation of solar street lights on newly constructed roads in Kumo at the total cost of N740 million; fencing of the NALDA market and installation of solar street lights at Kwadon area of Yamaltu/Deba, costing N362 million.
He said that N47 million has been approved for the expansion of the grains market and construction of six public toilets in Billiri.
Mr Yusuf said that the N112 million grain market project was approved in 2024, but reviewed upward to N159 million, to provide six additional toilets.
The director said the council also approved the deployment of GOSTEC and Operation Hatara personnel, to scale surveillance in schools and cemeteries in the state.
He said the measure was sequel to complaints over spate of theft in public buildings by the ALGON Chairman, Sani Haruna.
“The council has resolved to implement stricter security measures by deploying GOSTEC and Operation Hattara to enhance surveillance. The scope of Operation Hattara would be expanded to cover all the 11 LGAs,” he said.

Muhammadu Inuwa Yahaya
Also, Fatima-Binta Bello, chairperson, Shongom Local Government Council, expressed readiness to consolidate on Mr Yahaya’s achievements in education and health sectors.
She stressed the need to strengthen human resources through recruitment of qualified personnel to address manpower gaps and enhance quality service delivery, especially at primary healthcare and basic education level.
Similarly; Ahmad Wali, chairman, Kwami LGC, said the council had initiated resurvey and remapping of grazing reserves and cattle routes to check farmer/herder clashes.
He warned that anyone found encroaching cattle routes and grazing lands would be sanctioned.
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