Shehu Usman Osidi, the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), has advocated for taxing vacant houses in Abuja as a potential solution to fund affordable housing for low and middle-income earners.
During a media briefing on Wednesday to mark his first anniversary in office, Osidi emphasized the urgent need to address Nigeria’s housing deficit by ensuring that underutilized properties contribute to the sector’s growth.
“Empty houses in Abuja should be taxed. At the Federal Mortgage Bank of Nigeria, our focus is on financing affordable housing for low and medium-income earners. If these houses are taxed, it could drive more investment into affordable housing projects, as many of the vacant properties in Abuja are not accessible to our target customers,” Osidi stated.
He also pointed out the paradox within Nigeria’s housing sector, saying, “In Nigeria, we have houses we don’t need and need houses we don’t have.”
In addition to his call for taxing vacant properties, Osidi shared details of FMBN’s financial performance over the past year. He revealed that the bank recorded an impressive operational surplus of N11.58 billion in 2024, marking the first time in over 30 years that the institution achieved such a milestone.
