FG opens portal for sale of 5,000 housing units – Newstrends
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FG opens portal for sale of 5,000 housing units

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3 years ago

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Minister of Works and Housing, Mr. Babatunde Fashola

Over 5,000 houses are up for sale across 34 states of the federation built by the Federal Government, Minister of Works and Housing, Mr. Babatunde Fashola, has said.
He said Nigerians could now apply for the houses built under the current Federal Government’s National Housing Programme (NHP) after the launch of the portal on Friday.
He spoke at the formal launch of the portal, https:// nhp.worksandhousing.gov.ng.
According to him, the available 5,000 plus housing units range from 1, 2 to 3 bedroom bungalows and blocks of flats in any location of their choice.
The ceremony was attended by prominent stakeholders and media executives including the President, Nigeria Guild of Editors, Mr. Mustapha Isah. Fashola said the decision by the ministry to sell the available houses online was to bring credibility to the exercise and reduce human intervention as well as give all categories of buyers a level playing field.
The minister said, “We converge here just to introduce a portal on which the National Housing Programme pilot will be offered for sale to the public. What that means is that we will not be selling printed forms, the forms are online and this allows for more openness, limits human intervention and any disposition to any underhand practice”.

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Clarifying that the decision to adopt online sale of forms and limit human intervention was not an indictment of the staff, he added, “It is just to make the system more accountable and people seeing credibility if they win and if they are not successful they will equally know that the system has at least given them a fair chance”.
Fashola, who described the launch of the portal as “the end game of our economic objective”, explained that the government did not just set out to build houses, adding that the project has served many purposes, the first of which was to test what sort of houses Nigerians would like to live in so as to make policies to guide its agencies and parastatals, as well as other stakeholders, to build what could be acceptable in the markets.
“We are the policy head of those parastatals like the Federal Housing Authority (FHA), the Federal Mortgage Bank of Nigeria (FMBN) and so on. We are saying that the National Housing Programme had not succeeded in the past and some of the houses built then still remain empty. So we conducted a national survey across the zones just to find out what is acceptable”, the Minister said.
The findings, he said, were that while in the Northern part of the country there was preference for bungalow and large expanse of land which encouraged building horizontally, in the Southern part, there seemed to be acceptance for blocks of flats and lack of space which made building vertically necessary.
Emphasizing that the current National Housing Programme is a pilot or demonstration scheme meant, among others, to galvanize private sector participation, Fashola explained further, “We applied for land from the states and we set out to do a demonstration or a pilot programme because we then wanted to validate what we saw and build a pilot scheme”.
“So as at today we have built 5,000 plus units in different stages of completion. We have done in Phase 1 and we have done in Phase 2 and some have started in Phase 3”, the Minister reiterated adding that the other purpose the scheme has served was to fulfil part of the objectives of the administration’s Economic Recovery and Growth Plan (ERGP).
He added, “It was also a way to implement our Economic Recovery and Growth Plan (ERGP) because as at the time we conceived this programme, the country was in recession”, expressing delight that it has fulfilled that objective because over 1,000 contractors were engaged on the building sites; “businesses owned by Nigerians and Nigerian contractors”.
Pointing out that no foreign contractor was engaged in the project, Fashola added that it was not only an opportunity for nation building but an opportunity for the contractors to sustain their staff.
In his goodwill message after the launch, President of the Nigerian Guild of Editors (NGE), Mr. Mustapha Isah, commended the Federal Government for its commitment to housing delivery. He also commended the Minister for the innovations he has brought to bear at the national level, which, according to him, was a replication of his development initiatives as Governor in Lagos State.
Permanent Secretary, Mr. Babangida Hussaini commended President Buhari and the Minister for their commitment to programmes and projects that promote prosperity for the citizens and grow the nation’s economy.
Aside from the NGE president, other media personalities present are the Special Assistant, Digital/New Media to President Muhammadu Buhari, Mr. Tolu Ogunlesi, the Secretary General of the NGE and Editor, Nation’s Capital, THISDAY Newspaper Group, Mr. Iyobosa Uwugiaren,

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Lagos Rail Mass Transit part of FG free train ride – NRC

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9 hours ago

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December 21, 2024

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Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

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Business

NNPC denies claim of Port Harcourt refinery shutdown

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9 hours ago

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December 21, 2024

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Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down. 

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

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CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

1 day ago

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December 20, 2024

By

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period. 

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department. 

The arrangement will be in effect from December 19, 2024, to January 30, 2025. 

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.  

Transactions to occur at the prevailing NFEM rate 

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department. 

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025. 

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.” 

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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