Politics

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

Published

2 years 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

How Buhari shocked me 6 months into his administration – Oyegun

Published

4 hours ago

February 7, 2026

Ekwutos Blog

Chairman, Policy Manifesto Committee of the African Democratic Congress, ADC, John Odigie-Oyegun, says former president Muhammadu Buhari gave him the shock of his life, six months into his administration as Nigeria’s leader.

Oyegun made this disclosure on Friday when he featured in an interview on Arise Television’s ‘Prime Time’.

He revealed that as National Chairman of the All Progressives Congress, APC, he went to tell Buhari that he was not delivering his election promises to Nigerians but that the late president told him he would not rule with strictness, but rather wanted to show Nigerians that he is a true civilian president.

The former APC National Chairman lamented that it became business as usual, from there.

“I was national chairman of the APC. Six months or less into our assuming office, fairly alarmed, I went to the late President Buhari for a one-on-one talk. I said Mr President, this is not what the people were expecting. They wanted a bit of the old president Buhari.

“And he explained to me, Mr Chairman, I have learned my lesson. I was shocked. And don’t forget at that time, a lot of prominent Nigerians took their holidays abroad, just to be sure and see what this new sheriff in town will be.

“Buhari told me he wants to now show the people that he’s a true civilian president in Agbada. And by the time we finished the conversation, I said Oh God, we are finished. Because, if he’s not ready to be strict, what’s the point?

“Weeks later, months later, years later, I was proven correct. And of course, it became business as usual, only that they are a new set of tenants in Aso Rock. That was a shocker,” he said.

Politics

Electoral Reform: Dino alleges senate’s plot to rig 2027 election

Published

1 day ago

February 6, 2026

Ekwutos Blog

Former lawmaker, Dino Melaye Esq, has raised concerns over the Senate’s reported rejection of the electronic transmission of election results.

The move, according to Melaye, is a clear endorsement of election rigging and an indication of a sinister plan to rig the 2027 elections.

In a statement on Friday, the former lawmaker criticized the Senate’s decision, stating that it undermines the credibility of the electoral process.

The African Democratic Congress, ADC chieftain, also stated that the move opens the door for electoral manipulation and fraud.

He further warned that the rejection of electronic transmission of results is a step backwards for democracy in Nigeria.

Melaye called on lawmakers and citizens to stand up against “this blatant attempt to undermine the will of the people and ensure that future elections are free, fair, and transparent”.

Politics

Electoral Act: Nigerians have every reason to be mad at Senate – Ezekwesili

Published

1 day ago

February 6, 2026

Ekwutos Blog

Former Minister of Education, Oby Ezekwesili, has said Nigerians have every reason to be mad at the Senate over the ongoing debate on e-transmission of election results.

Ezekwesili made this known on Friday when she featured in an interview on Arise Television’s ‘Morning Show’ monitored by DAILY POST.

DAILY POST reports that the Senate on Wednesday turned down a proposed change to Clause 60, Subsection 3, of the Electoral Amendment Bill that aimed to compel the electronic transmission of election results.

Reacting to the matter, Ezekwesili said, “The fundamental issue with the review of the Electoral Act is that the Senate retained the INEC 2022 Act, Section 60 Sub 5.

“This section became infamous for the loophole it provided INEC, causing Nigerians to lose trust. Since the law established that it wasn’t mandatory for INEC to transmit electoral results in real-time, there wasn’t much anyone could say.

“Citizens embraced the opportunity to reform the INEC Act, aiming to address ambiguity and discretionary opportunities for INEC. Yet, the Senate handled it with a “let sleeping dogs lie” approach. The citizens have every reason to be as outraged as they currently are.”