Economy
FG Pledges Adequate Funding For Mass Housing
By Tony Obiechina, Abuja
Toward realising its mass housing target set in the next five years, the federal government has pledged to provide enough funding for the execution of the Family Homes Funds, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed announced on Monday.
And to ensure that the project does not lack funding, the government has authorized the board and management of Family Homes fund to source for more funds from third party institutions like development finance institutions and the capital market.
The minister who spoke at the inauguration of the Board of Family Homes Funds in Abuja, said “the present administration is committed to the implementation of this Housing Policy through the provision of enough funds for its sustainability in the Medium Term Expenditure Framework for the next five years.
”Although the minister did disclose how much the government would provide for the project she said it “established the Family Homes Funds for the provision of affordable homes for 500,000 Low income Nigerians and the creation of 1.5 million jobs”.
According to her, it is “the President Muhammadu Buhari Administration’s goal of bridging the housing needs gap with the aim of promptly addressing the numerous demands for government interventions in the housing sector.”
In view of the huge amount of money the Family Homes Funds company is expected to raise from the federal government and other financial institutions, the Mrs Ahmed told the board members of the company that government “will require unusual commitment, uncommon focus, experience and determination to succeed. Without doubt, the Federal Government expects results, measurable ones at that.”
She also directed the board and management “to establish top corporate governance culture and a carefully designed internal control mechanisms.”
In her words, “the Family Homes Fund will receive significant amounts of public money, in addition to other capital from development finance institutions and the capital market. It must, therefore, be a reliable steward of resource on your part.”
She said the government also expects the board and management of the company “to be creative, bold and ambitious.”
The housing programme envisaged under the Family Homes Scheme Zainab Ahmed said “is the largest in the history of our nation and if successfully delivered, it has the potential, not to change lives but also to boost Nigeria’s economy.”
The mass housing scheme she pointed out will “serve as a catalyst to attract investors, provide land ownership to citizens at a lower rate and mobilise funds through mortgage finance.”
She lamented that the poor delivery of affordable housing over the last thirty (30) years is, in part, “attributable to lack of co-operation among various agencies tasked with the provision of housing.”
Zainab Ahmed then urged the Family Homes Fund Company team “to seek and build partnerships, and even collaboration. It is quite unlikely that the Fund will achieve the expectations of Mr. President, without partnering the others.”
According to her, the Federal Government expects a financially sustainable Fund. Whilst the initial capital commitment from Government will be useful, the expectation is that the company will raise significant third-party capital to finance the programme.”
Earlier, the Permanent Secretary Special Duties in the Ministry of Finance Dr. Muhammed Dikwa represented by Mr. Denis Chukwu said the inauguration of the board of the FamilyHomes Fund will help bridge the housing needs in Nigeria.
The Homes Fund he said was established in 2016 to provide affordable houses for 500,000. He disclosed that “on Friday, the fund commissioned an estate of housing 650 units at Issele Azagba in delta state.
Chairman of the board and former deputy governor of the Central Bank of Nigeria (CBN) Mr. Suleiman Barau pledged the commitment of the board and management of the Fund to provide leadership given the quality of expertise at the disposal of the team.
On the minister’s directive, Barau assured that the team will first organize a governance seminar for all staff in other to have every member of staff, management and board on the need to have a strong corporate governance structure.
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
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