Connect with us
nairametrics

Business News

FG, Lagos State collaborate to address declining infrastructure in Festac Town

The State and Federal governments have resolved to address the degeneration of infrastructure in Festac Town.

Published

on

Lagos announces resumption time table for public and private schools, FESTAC town, Lagos cancels 2018 land use charge, LAND USE CHARGE, Lekki sealed buildings, Lagos state governor issues new guidelines for lockdown, consider full reopening of its economy

The Federal Government and Lagos State Government have resolved to collaborate to address the degeneration of infrastructure in Festac Town, a federal housing estate situated in Amuwo-Odofin area of the State.

They had promised to address the challenge of excessive property development and lack of facility in the housing estate.

This resolution was the outcome of a meeting between the Lagos State Governor, Babajide Sanwo-Olu and the Managing Director of the Federal Housing Authority (FHA), Senator Gbenga Ashafa, on Wednesday.

READ: Lagos dismisses levy on audio and visual contents, suspends LSFVCB boss

This signals an end to the lingering disagreement between Lagos State and the Federal Government over the matter.

GTBank 728 x 90

Ashafa, who led top officials of FHA including its Executive Director for Business Development, Hon. Abdulmumin Jibrin, on the courtesy visit to the governor, presented 4 partnership requests to the Lagos State Government, which include knowledge sharing and technology transfer, cooperation on infrastructure delivery, and quick resolution of development crisis in Festac Town.

Sanwo-Olu described the development crisis in Festac Town as unpleasant, pointing out that the population growth and influx of people led to the degeneration of the neighbourhood. He also said the failure of oversight on activities of property developers in Festac Town distorted the original master plan of the area.

READ: Ride-hailing: Uber says industry guidelines are inconsistent, unclear

GTBank 728 x 90

He said, “Festac Town as it is today is not what it looked like from the 1970s to 1990s, given the degeneration of infrastructure and the unpleasant development observed in the community. The original master plan did not consider population growth, which reflected in the calibre of allottees that got the property then. As a result of the lack of monitoring and enforcement, people took advantage of this weakness to build indiscriminately on every available space.

“I think we can still correct this irregularity and regenerate the entire area for healthy living and business, now that the Federal Housing Authority is headed by a highly knowledgeable indigene of Lagos. Once the Federal Government is ready, Lagos State will cooperate fully and work through our Ministry of Physical Planning and Urban Development on the agreed plan. We are ready to give a waiver on statutory issues that may aid the progress of this move. Lagos is not the owner of the estate but we have a sense of duty to prevent the depreciation of the asset on that corridor.

The Governor also conceded to FHA’s request to collaborate in the area of technology transfer, pledging to work with the federal housing agency to raise its capability by creating an electronic solution that would further ease allocation of property, land administration and approval of survey plan.

READ: FAAC: FG, States and Local Governments share N547 billion in June

Sanwo-Olu expressed his appreciation to President Muhammadu Buhari and Minister for Works and Housing, Mr Babatunde Fashola, SAN, for the choice of Sen. Ashafa as the Managing Director of the federal housing agency, noting that the FHA boss’s tenure as Executive Secretary on Land Matters in Lagos boosted the value of land and property in the State.

Jaiz bank ads

Ashafa, on his part, said FHA was ready to resolve all lingering crises delaying the re-modelling and regeneration of Festac Town, expressing confidence that the mid-way approach adopted by the agency would yield a positive outcome for both the Government and residents of the estate.

Fidelity ads

He described his meeting with the Governor as productive and fruitful, pledging to take the discussion further. He also acknowledged that all the 4 issues they presented were taken in by the Governor positively.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

Nigeria to fix irregular power supply in 40 years- Senate

Four decades is needed due to underfunding and the FG’s failure to fix the challenges of electricity generation.

Published

on

Customers to pay for metering through cost of tariff- NERC

The Nigerian Senate has said that it will take Nigeria 40 years to fix irregular power supply.

This was disclosed by the Senate Committee on Power on Tuesday after the Minister of Power and his team made a presentation to the Committee, according to Guardian.

The four decades wait, according to the lawmakers, is due to underfunding and the Federal Government’s failure to fix the challenges of electricity generation.

The committee was astonished by the submission of the Minister of Power, Mamman Saleh, that of the N165billion required for capital projects in 2020, N4billion was given as bribe of which only N3billion was cash-backed.

In lieu of this, the Committee dismissed claims made by the minister over raising hope on early provision of constant power supply, while Managing Director of the Transmission Company of Nigeria (TCN), Sule Ahmed Abdulaziz, painted a gloomy picture during the ministry’s budget defense.

GTBank 728 x 90

A member of the Committee, Danjuma Goje, expressed concern that based on Abdulaziz’s presentation, N165billion was proposed, but the ministry gave N4billion in envelope, insisting that it would take 41 years to deliver constant electricity when N165billion is divided by N4billion.

Backstory

Recall that Nairametrics had earlier reported that it will take nothing less than $100 billion to enable stable power supply in Nigeria.

GTBank 728 x 90

What they are saying

Mr. Danjuma expressed pessimism over hopes of stable power supply in the country. He went as far as stressing that even if ongoing projects are being completed there is still no hope for stable transmission of power in the country.

Mr. Danjuma was quoted as saying: “Going by the minister’s presentation that transmission gas increased from 5000 to 8000 megawatts, it is not enough. When dishing out figures, we should bear in mind that capacity, transmission, and distribution have increased and that Nigerians, manufacturers, and industrialists want to see stable electricity.

Continue Reading

ENDSARS

#EndSARS: ECOWAS calls for protesters to remain peaceful in their demonstrations

ECOWAS has called on protesters to be peaceful in conducting their protests.

Published

on

ECOWAS ministers recommend gradual re-opening of borders 

The Economic Community of West African States (ECOWAS), has called on protesters to be peaceful in conducting their protests and urged Nigerian security operatives to exercise restraint in the handling of protests.

This was disclosed in a statement by the organization on Tuesday and comes on the heels of statements by other International bodies and personalities, who have expressed worry over the nature of brutality meted on protesters, especially after the Lekki shootings.

“ECOWAS Commission notes with concern that demonstrations by Nigerian youth calling for Police reforms, particularly the abolition of the Special Anti-Robbery Squad (SARS) of the Nigerian Police force, accused of misconduct by those demonstrating, have turned violent,” they said.

The body said it recognizes the right to peaceful protests and also called for protesters to be peaceful, due to the rising reported cases of lootings post protests during the curfews.

GTBank 728 x 90

While ECOWAS recognizes the right of citizens to freedom of expression and peaceful assembly and protests, it also wishes to stress that those rights should be exercised in a nonviolent manner.

“In this regard, ECOWAS calls on all protesters to remain peaceful in the conduct of their demonstrations. It also urges the Nigerian security operatives to exercise restraint in the handling of the protests and act professionally.”

Bottomline

GTBank 728 x 90

The tone of ECOWAS’ message is different compared to the rest of other stakeholders including the statement of the Lagos State Governor, House of Reps Speaker, and the Vice President, who all acknowledged that the protests were peaceful and the protesters were attacked and that the violence from the curfews was not done by the protesters but by hoodlums.

The ECOWAS message is also the first statement by West Africa’s most important regional body since the #EndSARS protests started in the first week of October.

Continue Reading

Economy & Politics

Kano State presents N147.9 billion budget for 2021 fiscal year

Governor Ganduje has presented the total sum of N147.9 billion as Kano State’s proposed budget for 2021 fiscal year.

Published

on

Dala Inland Dry Port set to take off after N2.3 billion investment - Kano Govt., DB to support 1.26 million farmers with $95 million

Kano State Governor, Abdullahi Ganduje has presented the total sum of N147.9 billion as its proposed budget for 2021 fiscal year before the Kano State House of Assembly today.

Presenting the budget tagged “Budget for Economic Recovery and Sustainable Development,”Governor Ganduje said the budget is in furtherance of his administration’s vision for diversification of the state sources of revenue which will engineer development in the future.

Backstory: Recall that Nairametrics had earlier reported the drive and optimism by Kano State government to boost its Internally Generated Revenue. This might probably explain why IGR increased by almost 10% between 2020 allocations and proposed estimates for 2021.

What you should know: The breakdown of the budget verified by Nairametrics showed the following key highlights:

  • The total budget increased by approximately 7.0% from N138.279 billion in 2020 to N147.935 billion in 2021.
  • Capital expenditure for the periods under view increased by 10.93% from N60.485 billion to N67.095 billion.
  • Recurrent expenditure also increased from N77.79 billion to N80.839 billion, indicating a 3.92%. increase for the periods under view.
  • Internally Generated Revenue (IGR) increased by approximately 10% from N24 billion to N26.395 billion during the period under view.
  • A breakdown of the budget showed that the Education sector has over N37 Billion representing 25% of the total budget while the health care delivery service has over N25 Billion representing 17% of the total budget.

GTBank 728 x 90
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement