The Federal Mortgage Bank of Nigeria has refunded 12 billion naira out of the outstanding 19 billion naira wrongful deductions of the National Housing Fund contributors.

The Managing Director/Chief Executive of the bank, SHEHU OSIDI, disclosed this at the 18th Africa International Housing Show 2024 held in Abuja.

According to him, the deductions were misconstrued as revenue under the 40 per cent deduction regime of revenue accruing to federal agencies.