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.
Economy
Jigawa Government, Azman University Partner To Enhance Education Development

Jigawa Government, Azman University Partner To Enhance Education Development
Jigawa government, Azman University partner to enhance education development. Ms Muhktar said, “I assure you that the Jigawa State government will continue to be a valued partner.’’
The Jigawa State government said it will partner with the Azman University to enhance educational opportunities and promote human capital development.
Governor Umar Namadi stated this during a courtesy visit by the Vice-Chancellor, Fatima-Batool Mukhtar, on Thursday in Dutse.
She said the state government would explore areas of collaboration to support innovative learning and sponsor students in specialised programmes to enhance skill development.
The governor said the partnership also focused on computing, data science, aviation management and artificial intelligence (AI).
“I assure you that the Jigawa State government will continue to be a valued partner,” she said.
Mr Namadi highlighted the relevance of the specialised programmes being offered by the university and reaffirmed his commitment to explore opportunities for indigent students.
He said that the introduction of innovative online courses was designed to attract students and scholars to the university.
Earlier, Ms Mukhtar said the institution was committed to quality education, innovation and excellence.
She said the university introduced online learning services, a compulsory e-learning week and the Students’ Consultative Forum, to encourage students engagement in decision-making.
“We have online services that allow students to attend lectures from home, while lecturers can also teach from their homes.
For the students and staff to be familiar with this, we have set aside one week every semester for compulsory e-learning week,” she said.
She also called for more collaboration in computer programming with notable industry players such as Cisco, Huawei and Oracle Academy.

Jigawa
“Your Excellency, Azman University is already gaining strength in computing programmes, and already we have registration with Cisco, Huawei and Oracle Academy. We are certified instructors for Huawei.
“So, we would like to appeal to your excellency to partner with us in your community development projects and skills development for youth for certified courses in computing programmes,” Ms Muktar said.
The VC commended the state government over the 32 per cent budgetary allocation to the education sector and the N3 billion grant to the scholarship board in the 2025 fiscal year.
Economy
House Of Reps Approve Tax Reform Bills

House Of Reps Approve Tax Reform Bills
House Of Reps approve tax reform bills. Mr Faleke said, “These bills underwent three full days of public hearings, with input from over 80 key stakeholders.’’
The Chairman of the House of Representatives Committee on Finance, James Faleke (APC-Lagos), has assured Nigerians that the tax reform bills will produce widely acceptable laws.
Mr Faleke gave this assurance on Thursday after the House considered and adopted the report on the four tax reform bills during its session in Abuja.
The bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
He said, “These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterward, we held an eight-day retreat to debate each clause. I am glad that House members recognised our thorough work and approved all our recommendations.’’
He expressed appreciation to fellow lawmakers and Nigerians who engaged with the bills, assuring that the resulting laws will be acceptable to all.
Mr Faleke also thanked the House leadership for entrusting his committee with processing the tax bills and presenting them for consideration.
He commended President Bola Tinubu for prioritising tax law reforms, noting that some existing tax laws date as far back as 1959.
“We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” he stressed.
Deputy Committee Chairman, Saidu Abdullahi (APC-Niger), said no bill in the 10th Assembly had generated as much debate as the tax reform bills.
He praised Speaker Tajudeen Abbas for fostering consensus among stakeholders, ensuring broad-based input into the legislative process.
Mr Abdullahi highlighted that representatives from geopolitical zones and regional thought leaders were involved, easing public concerns.
He stated, “The committee’s recommendations reflect the contributions of various stakeholders. These were never seen as perfect documents. The executive made proposals, and the public hearing allowed Nigerians to refine them. Lawmakers have now endorsed the final version.’’
Also, Ikeagwuonu Ugochinyere (PDP-Imo) described the process as transparent, with consultants and the executive making adjustments to reflect public interest.

Tax
Mr Ugochinyere said, “In spite of being in the opposition, we are proud of this historic moment. It will expand the tax net and increase government revenue. This reform will enhance tax collection efficiency while protecting small businesses. That is why we worked together to ensure its passage.’’
On his part, Benson Babajimi (APC-Lagos) said stakeholder concerns, including inheritance tax, derivation, and VAT, were carefully considered.
He said, “This is a great day for Nigeria. The necessary reforms have been approved by the House, and we now await Senate concurrence.’’
Economy
Tinubu Welcomes Brazilian Delegation For Bilateral Talks

Tinubu Welcomes Brazilian Delegation For Bilateral Talks
Tinubu welcomes Brazilian delegation for Bilateral talks. A Brazilian delegation led by Minister of Foreign Affairs Mauro Viera visited Abuja to strengthen cooperation between Nigeria and Brazil.
The visit included delivering an official invitation from Brazilian President Luiz Inácio Lula da Silva for President Bola Tinubu to visit Brazil soon.
Discussions focused on trade, investment, and cultural collaboration, with both nations signing agreements to enhance bilateral relations.
Viera praised Tinubu’s participation in the G-20 summit in Brazil last November and emphasized the need for deeper ties in culture, economics, and education.

Tinubu
Nigeria’s Minister of Foreign Affairs, Ambassador Tuggar, highlighted Brazil’s historic support, recalling its participation in Nigeria’s independence celebrations, underscoring the long-standing relationship between both countries.
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