The Federal Government has disclosed that it would provide mortgage loan guarantees to low-income earners, on low-interest rates and collateral-free basis, in a bid to ensure that 300,000 housing units are delivered to the intended target, as part of the National Economic Sustainability Plan (NESP).
The implementation of the social housing plan estimated to cost over N400bn is expected to kick off next week, as early sites for the housing projects have now been identified, according to members of the Economic Sustainability Committee working on the project.
It is reported that the Economic Sustainability Committee has already approved that the 1, 2, and 3 bedroom units cost as little as between N1.8 million to N2million under the plan, while financial assistance would be available for Nigerians to pay the mortgage.
Nairametrics had earlier reported that the Central Bank of Nigeria approved the sum of N200 billion, as a mortgage finance facility to the Family Homes Fund Limited and targeted at low-income earners. It was introduced to support the Federal Government’s Economic Sustainability Programme, and it’s meant to fast track the construction of 300,000 homes in the 36 states and Abuja.
Earlier in June, President Muhammadu Buhari and the Federal Executive Council approved a N2.3 trillion Economic Stimulus package, after the VP Yemi Osinbajo led Economic Sustainability Committee submitted its report. The President then directed the VP to supervise the implementation of the plan alongside other members of the committee.
Under the Social Housing program of the ESP, there would also be Rent to Own option, as part of the Buhari administration’s resolve to impact the common man in this social Housing plan is expected to generate about 1.5 million jobs and houses delivered to about 1.5 million Nigerian families.
Already, sites for early start projects have been identified in all the 6 geo-political zones in addition to the FCT. The sites include those in Ekiti and Ogun in the Southwest; Enugu and Abia in the Southeast; Delta and Edo in the Southsouth; Yobe and Bauchi in the Northeast; Kaduna and Katsina in the Northwest; and Nasarawa and Plateau in the Northcentral. Sites have also been identified in Abuja.
The CBN has already committed to a N200 billion facility, to kickstart the social housing projects, with a guarantee by the FG under the Finance Ministry at about 5%. The implementing agency, Family Homes Fund Ltd, an agency under the Federal Ministry of Finance has already mobilized thousands of Cooperative groups across the country, who will participate in the social Housing plan as main warehouse agents and mobilize low-income buyers.
Lagos reaffirms that schools should reopen on January 18
The Lagos State Government has reaffirmed that all public and private schools in the state will should resume next week.
The Lagos State Government has affirmed its earlier pronouncement that all public and private schools in the state below tertiary level should resume on Monday, January 18, 2021, for the second term 2020/2021 academic session.
This clarification by the state government is coming against the backdrop of opposition from some stakeholders and uncertainty amongst parents and students on the resumption of schools.
According to a statement by the Head, Public Affairs, Lagos State Ministry of Education, Kayode Abayomi, on Friday, January 15, 2021, this affirmation was made by the state’s Commissioner for Education, Mrs Folasade Adefisayo.
The Commissioner maintained that the resumption is in line with the Federal Government’s resolution after reaching a consensus with relevant stakeholders.
Adefisayo, while welcoming all to a happy and successful new academic term, urged students and members of staff to stay safe and adhere strictly to COVID-19 guidelines, adding that schools must provide soap, wash hand basin, alcoholic hand sanitisers, thermometers, and other essential items in public and private schools across the State.
She stressed the washing of hands, wearing of face masks, and maintenance of social distancing must be adhered to in order to avoid further spread of the virus.
She added that, “All schools must ensure strict compliance with subsisting COVID-19 requirements for school’s resumption. Administrators of both public and private schools are expected to ensure full compliance with the guidelines for school’s re-opening in their respective schools as the State’s Office of Education Quality Assurance Team will be on the ground to monitor situations in all schools across the State.’’
What you should know
- It can be recalled that the Lagos State Government had earlier announced that all public and private schools below the tertiary level in the State should resume for the second term 2020/21 academic session from Monday, January 18, 2021.
- The state government also advised all schools to come up with flexible plans where students and teachers who feel sick can teach or learn from home through available online platforms, adding that schools should also strive to prevent any COVID-19 infection among all students and staff.
FLASH: The Lagos State Government has affirmed its earlier pronouncement that all public and private schools in Lagos State below tertiary level should resume on Monday, 18th January, 2021 for the second term 2020/2021 academic session.#ForAGreaterLagos @jidesanwoolu pic.twitter.com/CkNI7GhXka
— Jubril A. Gawat (@Mr_JAGs) January 15, 2021
CAC says defaulting lawyers to face 2 years imprisonment for filing false documents
The CAC has stated that accredited lawyers found culpable for filing false documents will be liable to 2 years imprisonment.
The Corporate Affairs Commission (CAC) has announced that any accredited lawyer found culpable for filing a false document in the course of company registration will be liable to 2 years imprisonment.
The new directive follows the relaxation of the strict requirements of the past where its officers need to compare signatures and looked at other documents to validate new filling.
According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Registrar-General of the Commission, Alhaji Garba Abubakar, at a forum with the Commerce and Industry Correspondents Association of Nigeria (CICAN) on Friday in Abuja.
What the Registrar General of CAC is saying
Abubakar in his statement said that once a document is submitted by accredited lawyers or certified secretaries (customers) on behalf of a company, the commission presumes that those documents are regular and the person that submitted has the authority to act in that capacity.
- “If anybody makes any mistake or false declaration or submit any information that is false, that person will be liable to two years imprisonment upon conviction. We advise our customers to ensure they have proper authority to make filings on behalf of companies that engage them. If there is any wrong information or any misstatement in the document submitted, they will be held responsible.’’
Abubakar also pointed out that, as part of new regulations to support the new Companies and Allied Matters Act 2020, (CAMA), the new system has placed a lot of responsibilities on the persons submitting documents on behalf of the companies.
What you should know
- In a bid to improve on the ease of doing business, attract investment and ensure economic growth, President Muhammadu Buhari signed into law the CAMA 2020 in August 2020, to replace the CAMA 1990.
- It should be noted that the new CAMA 2020 is not an amendment of the old act but rather a re-enactment.
- The Minister for Industry, Trade and Investment, Adeniyi Adebayo, approved a draft regulation to support the implementation of the new CAMA in December 2020.
- Also, CAC had given registered companies until April 1 to revalidate their various information and accounts or face sanctions.
Non-oil sector is critical to Nigeria’s economic recovery in 2021 – Cordros Capital
The Non-oil sector is expected to drive Nigeria’s economic recovery in 2021.
Nigeria’s GDP growth and eventual recovery in 2021 is expected to be heralded and driven by the Non-oil sector of the economy.
This disclosure was made in the presentations at the e-press conference titled “Positioning in the new normal” by Cordros Capital.
According to the report…
- In 2020, the Non-oil GDP dipped by 2.5% year-on-year which was attributed to the lingering impact of the pandemic on business activities, with partial easing of lockdown restrictions.
- The Oil GDP also dipped by 13.9% year-on-year as a result of 18.1% year-on-year decline in crude oil production, as Nigeria fully complied with the OPEC+ agreements.
- In 2021, the Non-oil sectors are expected to spearhead the economic recovery with the Services sectors growing by 2.69%. The Agriculture sector is expected to remain as resilient as it was in 2020 and grow by 1.89%, but the Manufacturing sector will dip by 0.89% as a result of weakening demand as well as limited FX supply constraints.
Why this matters
Nigeria’s economy has been quite monolithic since the 1980s and this has been persistently threatened by the instability in crude oil prices in the international market.
The need for the diversification of the Nigerian economy from over-dependence on oil cannot be overemphasized, especially going by the unstable and fluctuating global oil prices. This is aimed at minimizing the country’s vulnerability to macro-economic risks, such as production fall, fall in demand and price, and also a run out of reserves.
In the early ’60s, agriculture was a booming sector – Groundnut, Cotton, Cocoa, Palm-kernel, etc, coupled with other mining activities were the major sources of the booming tradable goods before the advent of oil and its predominance in the Nigerian economy.
No doubt, the non-oil sector has what it takes to unlock the economy of Nigeria and position it on the path of resilient and sustained growth, if optimally harnessed.