FG to complete 2,754 low-cost houses in April 2023 – Newstrends
Connect with us

Business

FG to complete 2,754 low-cost houses in April 2023

Published

on

The Federal Government says it is spending N19.9 billion on construction of 2,754 houses for low-income earners in six states.

The houses will be constructed in Akwa Ibom (650 units), Enugu (250 units), Kebbi (620 units), Zamfara (600 units), Kano (500 units) and Kaduna (134 units), according to the Family Homes Funds Limited.

It said the houses, two and three-bedroom semi-detached apartments, would be completed in April 2023.

A statement on Friday by the FHFL quoted the company’s Managing Director,  Femi Adewole, as saying the programme was being implemented under the national mass housing scheme.

“This programme is being implemented under the National Mass Housing Programme, an initiative of the administration of His Excellency President Muhammadu Buhari, as part of the administration’s commitment to improving the quality of life of Nigerians on low income and creating much needed jobs for local people,” Adewole said.

He also said, “We are delighted to be collaborating with state governments and private developers to help 2,754 families own their homes at a price they can afford. We continue to seek partnership with other State Governments to ensure equitable spread of the programme.

“We are particularly excited about the opportunity for collaboration with the Adashe Women Housing Society in Kaduna.

“Unfortunately, women continue to experience significant barriers to accessing housing on their own. In many of our cities, landlords will often refuse to rent a home to a woman without a husband.

“Even worse, it is still a common occurrence for women to be forced to leave the family home with their children if their husband dies because their names are not on the title or lease documents.”

The FHFL MD added that the houses, when completed, would be sold to low-income families at a payment plan spread over a period of up to 15 years, with monthly payments of N25,000.

Business

Tinubu orders creation of single-digit tax system

Published

on

Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

Continue Reading

Business

Naira gains further against dollar

Published

on

Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

READ ALSO:

The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

Continue Reading

Business

CBN jacks up interest rate amid soaring inflation

Published

on

CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

Continue Reading

Trending

Skip to content