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

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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

“They can go to h£ll” Ribadu blasts Canada for denying military chiefs visa.

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The National Security Adviser (NSA), Mallam Nuhu Ribadu, has blasted Canada officials for denying visa to top Nigerian military officials, including the Chief of Defence Staff (CDS).

Ribadu expressed his disapproval at the maiden annual lecture of the National Association of the Institute for Security Studies (AANISS), held at the Shehu Yar’adua Centre, Abuja, on Thursday, Feb. 13.

The NSA’s comment came after the Chief of Defence Staff disclosed that he and his team were invited to Canada for an event honouring war veterans, but he and about half of the delegation were denied visas.

General Musa described the incident as “disappointing” but emphasised that it serves as a reminder for Nigeria to “stand strong as a nation” and not be taken for granted.

He said: “Every disappointment is a blessing. Yesterday, I was meant to be in Canada. There’s an event to honour our veterans, those who were injured during battles, and we were meant to be there. We were invited with our team. Half has gone and half has been denied. It’s very disappointing.”

Ribadu commended Gen. Musa for speaking out about the incident.

“Thank you for the courage to say Canada denied you visas. They can go to h3ll,” Ribadu said.

The NSA said that despite the disappointment, Nigeria is “peaceful and strong” and must work hard to overcome such challenges.

Ribadu praised Gen. Musa for providing “purposeful leadership” in the war against t£rrorism, b@nditry, and other security thre@ts in the country.

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Politics

Senate urges FG to include North-East in N4.2trn super highway projects

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The Nigerian Senate has urged President Bola Tinubu to include raids in the North-East in the N4.2 trillion superhighway for the well-being of the people of the zone.

The call followed a motion sponsored by Senator Mohammed Danjuma Goje representing Gombe Central Senatorial District on Thursday.

The motion was titled, ‘Federal Government’s Approval of N4.2trillion for Construction of Lagos – Calabar Coastal Road and Other Road Projects Nationwide’.

“It is imperative to note that in this laudable project, the North – East has only two projects, that is, Yola – Fufore – Gurin Road in Adamawa State (N11.81 Billion); and Lamido Road in Taraba State (N7.68 Billion), out of the approved sum of N4.2 Trillion Naira.

“Apart from these two road projects in the North – East, there are other very important road networks, which are in bad conditions, such as: the Bauchi – Gombe road; Biu – Gombe road; Potiskum – Gombe road; Darazo – Gombe road; Numan – Jalingo road; Yola – Mubi road; Yola – Michika – Madagali – Gwoza – Bama road, Ngorore – Mayo Belwa – Zing – Jalingo; Mayo Belwa – Jada – Ganye; Biu – Gombi – Maranraba; Biu – Damboa – Maiduguri; and Biu – Damaturu, among others, which desperately require serious reconstruction and rehabilitation.

“The North – East is the only Zone that is not connected to the SUPER HIGHWAY PROJECT, embarked upon by this administration,” Goje said .

He however commended President Tinubu for the Super Highway projects which according to him, are to ensure connectivity by improving road safety with the aim of harnessing the viability of resources that abound across the length and breadth of this country.

The Senate amended Goje’s second prayer from urging the Federal Government to, as a matter of necessity, approve the rehabilitation of the listed deplorable roads in the North – East to urging the Federal Government to as a matter of necessity, approve the rehabilitation of all deplorable roads across the country .

In contributions to debate on the motion, many of the senators who spoke, commended Goje for the motion but also listed a series of federal roads in their various constituencies begging for urgent attention in terms of rehabilitation and even re-construction .

The Chairman, Senate Committee on Appropriations, Senator Solomon Adeola representing Ogun West, in his contribution, however clarified that allocation for the N4.2 trillion Coastal road projects was not done on zonal basis.

“The N4.2 trillion coastal road projects strictly covers the Badagary – Sokoto and Lagos – Calabar Coastal roads .

“For the existing road projects across the country , Mr President has set aside N500billon for continued rehabilitation work without exclusion of any zone”, he said

The President of the Senate, Goodwill Akpabio, in his remarks, said until Nigeria has a serious road map for constant rehabilitation and maintenance of roads across the country, the issue of road deplorability in the country will remain.

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The leadership of the House of Representatives has issued an ultimatum to Arise Television News, and its anchor, Reuben Abati over an alleged derogatory comment about lawmakers’ activities.

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The House gave the television station and Abati 24 hours to apologise for their comment on the proposal for the creation of additional 31 states from different regions of the nation.

Addressing members of the Green Chamber under the matters of privilege, Donald Ojogo who represents Ilaje/Ese-Odo federal constituency alleged that the privilege of lawmakers of the House have been breached by Abati and Arise TV.

In a viral video while anchoring one of the television’s programmes, Abati referred to the lawmakers’ proposal to create additional states as “stupid” and “idiotic”.

Reacting over the utterances of the former presidential aide, Ojogo said Abati’s remark is unfortunate, uncultured, and baseless assertion that has undermined the integrity of House.

The lawmaker also described Abati’s remarks as unprofessional and laden with arrogance and ignorance of facts and a betrayal to journalistic ethics.

He said, “Such vulgarity and lack of decorum are not only unacceptable but an affront to this Honourable House and the dignity of its members.
“While this House upholds the principles of freedom of speech and press freedom, we must emphasise that such rights come with responsibilities.

Freedom of speech is not a licence for the dissemination of falsehoods, the distortion of facts, or the promotion of indecency and disrespect in the public sphere,” the lawmaker state

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