The Federal Government declared that the Land Swap Programme will save the Federal Government N1 trillion.
This was disclosed by the Minister, Federal Capital Territory (FCT), Mr Muhammad Bello on Tuesday, during the ceremonial site hand-over of the Gwagwa District Development to Messrs Gwagwa Concession Ltd, according to NAN.
This comes as the Federal Executive Council earlier this year approved the resumption of the Federal Capital Development Authority (FCDA) land swap initiative, reviving the land swap programme to ensure infrastructural development in the Federal Capital Territory (FCT).
What the Minister is saying
Mr Bello said, “The Land Swap programme is expected to save the FCT administration nearly N1 trillion, which the administration would have required to procure comprehensive district infrastructure in the 13 districts earmarked under the programme.
“Developing the city using the annual budgetary allocation is simply not possible because of the way the city has grown astronomically in terms of physical expansion and a rising population.
”The programme in its most basic form is to grant an agreed percentage of land to an investor for comprehensive development.
“In exchange for this grant, the investor is to provide both specified infrastructure as well as resettlement costs.”
He also added that the programme was a ten-year comprehensive plan with four years meant for the provision of infrastructure, with a primary objective, in its simplest form includes the encouragement of homeownership and the reduction of housing deficit in the FCT. It also includes the provision of infrastructure in designated districts as well as finding a lasting solution to the resettlement and compensation challenges of the FCT administration.
“The programme will be driven 100 per cent by the private sector and is to be carried out in strict compliance with the provisions of the Abuja Masterplan,” he said.
Bello added that there would be strict criteria established with this initiative, which is based on three factors: one, to protect the investors; secondly, to protect the off-takers who are going to be the ultimate beneficiaries, and thirdly, protect the government and the environment.
