Politics

FEC APPROVES INITIATIVE TO TRANSFORM NIGERIA’S INFRASTRUCTURE AND HOUSING SECTOR THROUGH PRIVATE PARTNERSHIPS

Published

1 year ago

May 15, 2024

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

Politics

ADC Strengthens Party Structure with Release of State Chairmen Names

Published

10 hours ago

July 11, 2025

Ekwutos Blog

The African Democratic Congress (ADC) has taken a significant step in bolstering its organizational structure nationwide by releasing the names of its state chairmen for all 36 states and the Federal Capital Territory (FCT). This move aims to enhance coordination and leadership at the state level as the party prepares for future elections.

Full List of ADC State Chairmen:

South-South
Akwa Ibom State: Duke Gabriel Dick
Delta State: Austine Okotie
Rivers State: Ode Lawrence E

South-East

Abia State: Iyke Nwoka
Anambra State: Patrick Obianyo
Ebonyi State: Jennifer Adibie N
Enugu State: Stella Chukwula
Imo State: Prof James Okoroma

North-Central
Benue State: Celestine Orbunda
Kogi State: John Adeli Udale
Kwara State: Adebayo Akadi
Nasarawa State: Musa S. Shuaib
Niger State: Auta Mohammed
Plateau State: Hanatu Garaba

North-East
Adamawa State: Yohanna Shehu K
Bauchi State: Hon. Haruna Hassan
Borno State: Mohammed Bolori
Gombe State: Mallam Danladi Yau
Taraba State: Adamu Hassan
Yobe State: Alh. Kalli Umar

North-West
Jigawa State: Alh. Sanni Mohammed
Kaduna State: Ahmed Tijani M
Kano State: Ungogo Musa
Katsina State: Alh. Usman Musa
Kebbi State: Hajia Hawa Mohammed
Sokoto State: Hon. Umar Farouk
Zamfara State: Alh. Kabiru Garba

South-West
Ekiti State: Adekolu O. Moses
Lagos State: George Ashiru
Ogun State: Otunba Pat. Olufemi
Ondo State: Chief Mrs. Ganiyu Sidirika
Osun State: Charles Idowu
Oyo State: Alh. Yinka Adona
FCT: Yusuf Tijani

Politics

Akpabio removes Natasha Akpoti-Uduaghan as Senate committee chair

Published

1 day ago

July 11, 2025

Ekwutos Blog

Senate President Godswill Akpabio has announced the replacement of suspended senator, Natasha Akpoti-Uduaghan, as chairman of the Senate Committee on Diaspora and Non-Governmental Organisations

Akpabio, during plenary on Thursday, announced Senator Aniekan Bassey as the new chairman of the committee.

As a result, Bassey replaces Natasha Akpoti-Uduaghan, whose leadership of the committee had been uncertain due to her suspension.

Recall that in a minor reshuffle earlier in February, Natasha Akpoti-Uduaghan was removed as chairperson of the Senate Committee on Local Content and reassigned to the Diaspora and NGOs Committee.

Although no formal explanation was provided for her replacement, it is thought that the move may not be unconnected to her suspension.

Justice Binta Nyako of the Federal High Court had ordered Natasha’s reinstatement, mandating her to tender an apology to the Senate for her conduct.

But the Senate maintains it is yet to receive a certified true copy of the court’s judgement.

Natasha, on her part, is yet to tender the apology.

Politics

Ekiti 2026: SDP slams Oyebanji’s performance, APC fires back

Published

1 day ago

July 11, 2025

Ekwutos Blog

Political temperature in Ekiti State is already heating up as the 2026 governorship election approaches, with the opposition Social Democratic Party, SDP, and the ruling All Progressives Congress, APC, locked in a war of words over Governor Biodun Oyebanji’s leadership.

SDP State Chairman, Bamikole Ayodele, on Thursday, criticized the Oyebanji-led administration, accusing it of underperforming in critical sectors including infrastructure, agriculture, security, tourism, and job creation.

He alleged that the governor had mismanaged public resources and failed to meet the expectations of the electorate.

“The governor is not delivering on his mandate,” Ayodele said during a press briefing in Ado-Ekiti. “There is little to show in terms of infrastructure. Ekiti, being an agriculturally rich state, has seen no meaningful reform to empower our youth or boost food production.”

He also accused the administration of partisan governance, claiming that employment and development initiatives are being disproportionately directed toward APC loyalists.

“Governor Oyebanji must remember he governs the entire state, not just his party,” he said, urging the administration to embrace innovation, merit, and inclusivity.

In a swift reaction, APC State Publicity Secretary, Segun Dipe, dismissed the SDP’s criticisms as baseless and politically motivated. He described the opposition as “moribund” and its leaders as people seeking relevance ahead of the next election cycle.

“Oyebanji’s performance speaks for itself,” Dipe stated. “From agriculture to infrastructure, security to tourism, the administration is making meaningful progress. Visit the rural areas, projects are ongoing. Though the rainy season may slow construction, the development efforts are visible.”

He cited the restoration of electricity to long-neglected communities and road construction projects in remote areas as clear indicators of the administration’s commitment to inclusive growth. Dipe also pointed to the governor’s high approval ratings among residents as proof of public confidence.

“The people of Ekiti know who is working for them,” The SDP’s claim that it can unseat the APC in 2026 is not only unrealistic but laughable. They lack the structure and visibility to mount a serious challenge,” he said.