FEC approves N250b investment fund to address housing deficit
• Tinubu appoints Atiku’s ex-aide, Bwala as Special Adviser
In a bid to tackle Nigeria’s severe housing deficit and stimulate long-term economic growth, the Federal Executive Council (FEC) has approved N250 billion real estate investment fund aimed at providing affordable, long-term mortgages to Nigerians.
The initiative was announced by the Minister of Finance, Wale Edun, on Thursday after a FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
It is designed to address the country’s critical 22-million-unit housing gap while creating jobs and boosting private sector investment in the housing sector.
The new initiative, known as the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund, will offer low-cost mortgages to individuals seeking to own homes, with interest rates targeted at single-digit or low double-digit figures.
Edun explained that the fund’s unique structure will make it possible for Nigerians to access mortgages with interest rates ranging between 11 per cent to 12 per cent, a significant reduction from the current market rates that often exceed 30 per cent.
The loans will have longer repayment tenures, potentially spanning 20 years or more, to make homeownership more accessible. “This fund is the foundation for the revival of long-term mortgage financing in Nigeria,” Edun said.
The N250 billion fund will be anchored on a blend of government seed funding and private-sector investments. The government will contribute N150 billion, sourced from low-interest loans available to the government at a rate of 1%, with terms extending up to 40 years.
MEANWHILE, President Tinubu has approved the appointment of Daniel Bwala as Special Adviser, Media and Public Communications (State House). Bayo Onanuga, Special Adviser to the President on Information and Strategy, announced this in a statement, on Thursday.
As a former aide of ex-Vice President Atiku Abubakar, candidate of the Peoples Democratic Party (PDP) in the 2023 election, Bwala worked actively for his former principal who lost to Tinubu. However, after the elections, he worked his way into the camp of Tinubu, sparking controversy.
Others appointed on Thursday include three persons as directors-general of various agencies. The new appointees include Olawale Olopade, Director-General, National Sports Commission; Dr Abisoye Fagade, Director-General, National Institute for Hospitality and Tourism; and Dr Adebowale Adedokun, Director-General, Bureau of Public Procurement.
Olopade, the new Director-General of the National Sports Commission, is a sports administrator with many years of experience in the sector. He served as Commissioner of Youth and Sports in Ogun State and was chairman of the Local Organising Committee of the 2024 National Sports Festival.
The new Director-General of the National Institute for Hospitality and Tourism, Dr. Abisoye Fagade, is a marketing communication professional. He is the founder and managing director of Sodium Brand Solutions.
Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of Research, Training and Strategic Planning at the bureau before his appointment. The President enjoined the newly appointed officers to discharge their duties with dedication, patriotism, and excellence.
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