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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

Elon Musk Contributes Nearly $75 Million To Boost Trump’s Presidential Campaign

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According to recent filings with the Federal Election Commission (FEC), Billionaire Elon Musk has contributed almost $75 million to a political action committee (PAC) he established to back Donald Trump’s 2024 presidential campaign.

The donation underscores Musk’s growing involvement in Trump’s bid for the White House.

Musk, the world’s richest man, has become increasingly active in the Republican campaign.

He joined Trump on stage at a Pennsylvania rally and regularly criticizes his Democratic opponent, Kamala Harris, on social media.

Trump has praised Musk at campaign events and promised to appoint him to a committee to reduce government bureaucracy if re-elected.

Musk’s America PAC raised $74.95 million between July and September, focusing on grassroots efforts to boost voter turnout in key battleground states like Pennsylvania.

The PAC’s website offers volunteers $30 per hour to help increase voter participation, with performance bonuses available.

In contrast, Kamala Harris’s Harris Victory Fund PAC raised $633 million during the same period.

Harris, who entered the presidential race after President Joe Biden’s withdrawal, has energized the Democratic base with a strong campaign focused on swing states.

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Orji Uzor Kalu reveals amount he earns monthly as senator

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The lawmaker representing Abia North in the Senate, Orji Uzor Kalu, has disclosed that he earns a total of N14 million every month as a Senator.

The Senator, who was a guest on Channels Television’s Politics Today on Thursday, dismissed the belief among some Nigerians that lawmakers are living in affluence while the masses live in poverty.

“I earn N14 million for everything in a month. That is everything encompassing, the overhead, the worker’s salary, everybody,” Uzor-Kalu said.

Uzor Kalu, who is a former governor of Abia State, argued that the N14 million is not enough to buy petrol to travel to his constituency, maintain the constituency office among other things.

No official vehicles for lawmakers
One of the most controversial issues that have always been raised against the national assembly is the luxury cars given to lawmakers as their official vehicles.

However, Senator Uzor Kalu denied that lawmakers are given official personal vehicles, saying that the only the various committees in the national assembly that are given vehicles.

“I am in the Senate and a lot of things are said about the Senators and I sit there quietly and watch, and most of these things are not true. All I know is that committees get vehicles, no lawmaker is given any vehicle,” the Senator said.

On the economic hardship in Nigeria, Senator Uzor Kalu said it is not peculiar to Nigeria as the impact of COVID-19 is still affecting economies globally. He said the only reason some countries are no longer feeling the COVID-19 impact the way Nigeria is feeling it is because they have built a robust economy for a very long period.

According to him, President Bola Tinubu is aware of the country’s unstable economy and is taking steps to address the challenges facing Nigeria.

“The president himself knows that Nigerians are suffering and hungry. He is a street person; he knows the street very well.

“The president some nights uses his car to go around and know what is happening in Abuja here,” he said.

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NATO opens its doors: Putin is furious

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NATO opens its doors: Putin is furious © Pixabay
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NATO Secretary General, Mark Rutte , said on Thursday that Ukraine would be a NATO member state in the future.

He also acknowledged that he was unable to say exactly when the country would join the transatlantic organization.

Arriving at the meeting of the Atlantic Alliance’s defense ministers in Brussels from today to Friday, Rutte said that at the moment, it seemed that Ukraine would become the 33rd ally, with NATO currently having 32 members, while admitting that another country could join the transatlantic organization before Kiev. A demonstration of NATO’s determination to thwart Moscow’s plans.

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