Politics
FEC APPROVES INITIATIVE TO TRANSFORM NIGERIA’S INFRASTRUCTURE AND HOUSING SECTOR THROUGH PRIVATE PARTNERSHIPS
The Federal Executive Council has approved an initiative aimed at transforming the nation’s infrastructure and housing sector.
The initiative, as approved by the council, is tailored to meet the urgent demand for critical infrastructure and affordable homeownership, fostering job creation, inclusive growth, and long-term productivity enhancement.
The council gave its nod to the initiative at its meeting at the State House in Abuja on Tuesday.
The initiative will unlock private-sector funds, which Nigerians can access for 25-year mortgages at low interest rates to realize their dream of owning a home.
At a press conference after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, explained the importance of innovative collaborations between the private sector and Sovereign Owned Enterprises (SOEs) like the Nigeria Sovereign Investment Authority (NSIA) and the Ministry of Finance Incorporated (MoFI).
He said such partnerships are envisioned to strategically channel funding to high-impact areas, ensuring impactful economic outcomes for the people.
“This alliance signifies a significant step towards driving sustainable development and economic growth in Nigeria by leveraging private-sector resources and expertise in strategic areas of need,” the Minister said.
The initiative aims to further strengthen the Federal Mortgage Bank and the Federal Housing Authority, enabling both public and private entities to fulfill their housing obligations. This collaboration is expected to boost the initial phase of the President’s Renewed Hope Cities project, with the aim of providing 50,000 units of homes across the country.
The partnership includes institutional investors creating mortgages within a framework overseen by the Ministry of Finance Incorporated to enable funding. This structure will streamline fund transfer from private investors to the housing sector, specifically the mortgage market, encouraging affordable homeownership opportunities.
The partnership will incorporate a specialized framework utilizing a special-purpose vehicle (SPV) owned by the Nigeria Sovereign Investment Authority. This structure will enable institutional investors to provide sustainable long-term financing with robust oversight, reducing risks associated with large-scale government projects.
The initiative also aims to ensure private-sector involvement in project governance, cost management, and asset delivery, offering tangible benefits to Nigerians while safeguarding investor interests. The infrastructure focus includes power generation, toll roads, and railway projects to align with the government’s economic goals.
Simultaneously, the federal government of Nigeria will concentrate on funding essential infrastructure to enhance project viability for private-sector participation.
Private-sector discussions and commitments indicate a potential mobilization of around N2 trillion in long-term financing for housing and infrastructure projects nationwide. This partnership holds the promise of numerous benefits for the Nigerian population.
By collaborating with private institutional investors, the President Tinubu-led government seeks to leverage the expertise and capital of private investors to accelerate the delivery of vital projects, driving sustainable development and economic progress for all Nigerians.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
May 14, 2024
Martin Amaewhule, Speaker of the Rivers State House of Assembly, has defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
Tori News reports Amaewhule defected along with 15 other members of the House on Friday.
Amaewhule said the defection is due to clear division in the PDP.
Recall that President Bola Tinubu declared a state of emergency in the state earlier this year in March, suspending the Governor, Sim Fubara and his Deputy alongside members of the State Assembly.
A chieftain of the Peoples Democratic Party, PDP, Bode George, has intensified his call for the establishment of state police to contain the wave of insecurity in Nigeria.
George made this call on Friday when he appeared during an interview on Arise Television monitored by Ekwutosblog.
He was reacting to the worsening insecurity situation in the country where innocent Nigerians, including women and schoolchildren are kidnapped and others killed in the process.
“First of all, what is wrong with establishing state police? We have seen nobody is going to cancel the Federal Police, but policing is local.
“When you now turn the boys who live in the same area and legalize their existence to put smiles on the faces of the people, it will be better to manage because they will understand the language of the locals. They know the do’s and don’ts in their own area. So why are we wasting time?
“I am happy I read something last week after the Arewa Consultative meeting in the North. They met and took a decision that they have agreed to a state police.
“Then the Southwest met with their governors, and the governors’ statement made after that conference is that they also accept having state police.
“What are we wasting time for? Because the way it is, you don’t even know who is telling the truth or who is telling the lie,” he said.
Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Friday declared that he’s still a member of the Peoples Democratic Party, PDP.
Wike’s comment followed his expulsion from the party by the faction led by National Chairman, Kabiru Turaki.
Turaki had formally dispatched expulsion certificates to 11 prominent party chieftains, including Wike, former Ekiti State governor, Ayodele Fayose, Senator Samuel Anyanwu, Umaru Bature, Kamarudeen Ajibade, SAN, Abdurahman Muhammad Senator Mao Ohuabunwa.
He said their expulsion was aimed at sanitising the party ahead of the 2027 elections.
Reacting to the development on Friday, Wike dismissed the claim while assuring that he would continue to work with other party members in making PDP a relevant opposition party.
The minister spoke while addressing journalists after inspecting the Interchange bridge and road linking Gwarinpa with Jahi and direct to Katampe, Gishiri and Maitama.
He said, “Those that are factionalized are bound to leave the party, I’m still in PDP and you can see that not everybody has left.
“We still have good numbers and we will continue to work together and that’s what I have said to the party. Put your house in order because at the end of the day, if you don’t put your house in order, it’s the party that is losing.
“So those who are worried, we can work together to see how the party can remain a relevant opposition.”
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