The Nation Newspaper

Tag: deficit

  • Nigeria records N27b foreign portfolio deficit in Q1

    Nigeria suffered a net deficit of N26.6 billion in foreign portfolio transactions in the first quarter (Q!) of this year amidst fears of political and macroeconomic uncertainties.

    A report on foreign portfolio investments (FPIs) obtained over the weekend indicated that the country recorded a negative balance of N26.6 billion in inflow and outflow transactions by foreign portfolio investors in Q1 as against a positive balance of N30.88 billion recorded same period last year.

    The report also showed that foreign portfolio transactions dropped by N159.95 billion in Q1, representing a decrease of 41.89 per cent from the turnover in Q1 of last year. Total foreign portfolio transactions dropped from N381.82 billion in first quarter 2018 to N221.87 billion in first quarter 2019.

    Foreign outflows surpassed inflows in 2019 with the sellers accounting for N124.24 billion as against N97.63 billion by the buyers. In Q1 last year, foreign inflows had outpaced outflows with N206.35 billion and N175.47 billion respectively.

    The FPI report, coordinated by the Nigerian Stock Exchange (NSE), aggregates transactions from major custodians and capital market operators and it is widely regarded as a credible measure of the FPI trend. The report uses two key indicators-inflow and outflow, to gauge foreign investors’ mood and participation in the stock market as a barometer for the economy.

    Foreign portfolio outflow includes sales transactions or liquidation of equity portfolio investments through the stock market while inflow includes purchase transactions on the NSE. Segmental analysis delineates the proportion of foreign to local participation, institutional to retail investors as well as the momentum of activities among others.

    Market analysts attributed the decline to political risk and the fluctuations in the global financial markets. Analysts however differed on the outlook for the investment market.

    Vice Chairman and Chief Executive Officer, Capital Assets Limited, Mr. Ariyo Olushekun said political risk contributed to the decline in the first quarter, expressing optimism that the successful completion of the electioneering period will lead to rebound in the investment market.

    “We expect to see a rebound, a gradual recovery. With political stability and the continuation of the economic programmes of the government, which should see improved investors’ confidence and long-term development of the economy,” Olushekun said.

    “Given the sluggish recovery of the economy, we anticipate that the lingering bearish sentiments will remain in the near term as foreign investors continue to stay on the sidelines,” Afrinvest Securities stated at the weekend in a review of the Nigerian equities market.

    “We reiterate our view that the blend of a compelling valuation story, together with positive macroeconomic picture poses an upside for market recovery in the medium term. However, we guide investors to tread the cautious trading path in the short term,” Cordros Securities said, reinforcing its confidence in the recovery of the investment market.

    However, foreign investors sustained their dominance of activities at the Nigerian investment market during the three-month period, continuing the trend that started in 2018. A full-year analysis had shown foreign portfolio investors overtook Nigerian investors as the dominant bloc at the Nigerian equities market in 2018, ending a two-year dominance of Nigerian domestic investors in the stock market.

    Foreign portfolio investors traded about N1.22 trillion on Nigerian equities in 2018, a marginal percentage point increase on about N1.21 trillion traded in 2017.

    However, transactions tended towards outflows than inflows, reversing the positive net foreign portfolio investments of N336.94 billion recorded in 2017 with a negative net foreign portfolio deficit of N66.2 billion in 2018.

    Total FPI transactions for the 12-month period ended December 31, 2018 stood at N1.219 trillion as against N1.208 trillion recorded in 2017. Total transactions at the Nigerian equities market had declined from N2.543 trillion in 2017 to N2.404 trillion in 2018. With these, foreign investors accounted for 50.87 per cent of total transactions at the equities market in 2018 compared with 47.49 per cent in 2017.

    Nigerian domestic investors reduced their transactions to N1.185 trillion in 2018 as against N1.335 trillion in 2017, thereby accounting for 49.13 per cent of total transactions in the equities market in 2018 compared with 52.51 per cent in 2017.

    While total transactions at the equities market declined in 2018, FPIs showed sustained growth at N1.219 trillion in 2018, building on the 133 per cent growth that saw total FPI transactions rising to N1.208 trillion in 2017. Foreign investors had accounted for the largest transactions at the stock market between 2011 and 2015 but were overtaken by domestic investors in 2016, who sustained their marginal lead in 2017.

    Foreign transactions, which stood at N1.54 trillion in 2014, had declined considerably to N518 billion in 2016, before making a remarkable recovery to N1.208 trillion in 2017. Conversely, domestic investors, which had traded a high of N3.55 trillion in 2007, had shown considerable slowdown over the past 12 years, dropping by 66.67 per cent to N1.185 trillion in 2018.

    However, the report showed net FPI deficit of N66.2 billion in 2018 as against surplus of N336.94 billion in 2017. Total foreign inflows in 2018 stood at N576.45 billion compared with outflows of N642.65 billion. Foreign inflows had in 2017 outpaced outflows at N772.25 billion and N435.31 billion.

  • How to tackle housing deficit

    How to tackle housing deficit

    The Federal Mortgage Bank of Nigeria (FMBN) initiated the National Housing Fund (NHF) scheme to facilitate the provision of houses to Nigerians and bridge the housing deficit. Years after, the problem persists. The News Agency of Nigeria (NAN), in this news analysis,  sets out ways to tackle the challenge. 

    The Federal Mortgage Bank of Nigeria (FMBN) initiated the National Housing Fund (NHF) scheme to facilitate the provision of houses to Nigerians and bridge the housing deficit.

    NHF is a pool which mobilises long-term funds from Nigerian workers, banks, insurance companies and Federal Government to advance loans at a single-digit interest rate to its contributors.

    With the NHF scheme, workers are to contribute 2.5 per cent of the basic salary to the fund, while and the funds therein are supposed to be used for mortgage loans to the workers at concessionary terms for the purchase, building, expansion or renovation of their houses.

    Apart from the workers’ contribution, the NHF also mobilises domestic and offshore long-term funds from banks, insurance companies and the Federal Government, which are supposed to be used as soft loans to its contributors.

    The FMBN is, therefore, constitutionally empowered to facilitate the growth of viable primary mortgage institutions that would service the housing needs of Nigerians.

    But while some civil servants have benefited from the NHF scheme, others have yet to benefit, prompting many people to clamour for the review or outright abolition of the scheme.

    On this background, some stakeholders in the housing sector express concern about the operations of NHF and call for stiffer penalties against violators of the NHF Act.

    But Mr Ayuba Wabba, President of the Nigeria Labour Congress (NLC), rather called for a realistic housing scheme that would enable workers to afford houses.

    “For us to address the issue of housing deficit, we must have an agreeable interest rate that is affordable to citizens and workers, if not the houses will be built and will not be affordable,’’ he said.

    Expressing worry that Nigerian workers could still not afford the houses in spite of putting in 2.5 per cent of their monthly salaries to have shelter, he called on the Federal Government to intervene by providing the necessary funds required to drive the housing scheme.

    He decried the violation of the NHF Act by some stakeholders, observing that failure of commercial banks to contribute to the fund had retarded progress of the scheme.

    “We actually keyed to the scheme but along the line, in 2003 and 2004, we had challenges because the houses were built and workers could not afford them.

    “The type of houses required were not the type built, so hundreds of houses are lying fallow in Abuja because nobody can afford them,’’ Wabba observed.

    In his opinion, Mr Oluseyi Lufadeju, a trustee at Real Estate Development Association of Nigeria, accused the Central Bank of Nigeria and some commercial banks of not contributing to the fund.

    According to him, Section 5 of the NHF Act stipulates that commercial or merchant banks shall invest in the fund 10 per cent of its loans and advances.

    “The loan or advance will be at an interest rate of one per cent above the interest rate payable on current account by banks.

    “Every registered insurance company shall invest minimum of 20 per cent of its non-life funds and 40 per cent of its life funds in real property development; of this, not less than 50 per cent shall be paid to the fund through the FMBN.

    “Section 11 of the NHF Act provides that the Central Bank of Nigeria shall collect from commercial and merchant banks at the end of every year and not later than one month after, the percentage of their contribution to the fund,’’ he explained.

    Lufadeju said without full capitalisation, the bank could not fulfil its obligation of providing affordable houses to Nigerians.

    Sharing similar sentiments, Mr Mohammed Khalil, a consultant, said since the enactment of the NHF Act, deposit banks and insurance companies had not invested in the fund.

    He observed that an analysis of total loans and advances by the commercial and merchant banks in 2016 was N15 trillion.

    “At the rate of 10 per cent, the CBN pursuant to Section 11 is supposed to have credited the NHF with the sum of N1.5 trillion by March 2017,’’ he said.

    Khalil said that if the Federal Government was to create at least one million new homes through a national mortgage single digit interest rate, it would require N6 trillion.

    “It follows, therefore, that at the current official figure of 17 million housing deficit, the Federal Government will require N102 trillion,’’ he said.

    Mrs Hannatu Fika, Executive Secretary, Federal Government Staff Housing Loans Board, therefore, noted that providing incentives for the capital market to invest in property development was crucial in proffering sustainable solutions to housing deficit in the country.

    She urged the Federal Government to encourage the development of specific programmes that would ensure effective financing of housing development, particularly low-cost housing for low income earners.

    In his reaction, Mr Ahmed Dangiwa, Managing Director of FMBN, said banks and insurance companies in Nigeria were required to be investing in the NHF scheme but they defaulted.

    He said unless these provisions of the act were complied with, the pool of funds available for mortgage financing at affordable interest rate would continue to be inadequate.

    “This means that the FMBN will be unable to make low interest mortgages available to Nigerians as the 2.5 per cent workers monthly contribution is grossly inadequate, especially that of the medium income earners,’’ he observed.

    However, Mr Ahmad Kaita, the Chairman, House Committee on Housing, stated that the committee, in line with the legislative agenda of the House of Representatives, had recognised the need to provide required legal and legislative frameworks to ensure affordable housing for Nigerians.

    Similarly, Speaker of the House of Representatives Yakubu Dogara reiterated the commitment of the house to initiate a legislative framework that would address housing deficit in the country.

    He expressed concern that policies designed to provide adequate housing for Nigerians had not yielded positive results due to violation of the NHF Act by the stakeholders.

    He also emphasised the need to unravel the reason why some stakeholders in the housing sector failed to comply with the NHF Act and the Federal Mortgage Bank Act.

    “The National Housing Fund is designed to assist the public servants and private sector employees while saving a percentage of their income.

    “The government, through mortgage banks, is expected to provide loans to real estate developers to build low cost houses for Nigerians.

    “But both programmes are not yielding the desired result as houses are still not within the reach of Nigerians,’’ Dogara said.

    He, nonetheless, said the legislature would collaborate with the stakeholders in ensuring safe and affordable homes.

    For affordable houses, the Senate Committee on Lands, Housing and Urban Development, pleaded with shareholders to pay up their equities to actualise the planned recapitalisation of FMBN.

    Chairman of the Committee, Sen. Barnabas Gemade, listed the shareholders to include the Federal Government, Central Bank of Nigeria and Nigeria Social Insurance Trust Fund.

    He observed that the CBN had vital role to play in making the FMBN function effectively by exercising its statutory roles, especially in the areas of funding and regulation.

    “The N5 billion capital base of the FMBN is low and the shareholders should hasten up by increasing the capital base to reflect current realities.

    “CBN should sanction commercial banks that defaulted in remitting 10 per cent of their loan portfolio to FMBN as investment to the development of a virile mortgage industry as required by the law,’’ he said.

    He promised that the committee would also ensure amendment of both the FMBN and NHF Acts to make the bank function effectively.

    Gemade noted that N100 billion was approved in 2017 budget as intervention fund to support mortgage activities in the country.

    He directed the bank to follow up the matter with its supervisory ministry, noting that the Ministry of Power, Works and Housing should contact the Federal Ministry of Finance to secure the release of the fund.

  • Expo to proffer solutions to infrastructural deficit

    Organisers of an international construction and building exhibition, Elan Expo, have expressed their readiness to use the forthcoming exhibition to explore bilateral relationships that will provide sustainable solutions to infrastructural challenges in the built industry.

    Scheduled for November 2 to4, 2017, the exhibition, it is expected to open up investment opportunities in the built industry as well as other value chains.

    The expo is expected to attract exhibitors from 12 countries, including Turkey, Italy, Poland, Ukraine, India, Egypt, China, Saudi Arabia and the United Arab Emirate (UAE). Over 17 foreign companies have confirmed their participation, according to the expo Project Coordinator, Mr. Jude Chime.

    He told The Nation  in Lagos that the expo would not only bring together building professionals in the country, but also international manufacturers, services and technologies providers to explore opportunities in one of the fast-developing sectors in the country.

    He added that there has been  rapid growth in the last 20 years in the construction industry, and important projects in the country.

    The General Manager, Elan Expo International Trade Fairs, Mr. Nihat Suer, explained that this year’s expo is hinged on stronger international partnership with delegations from participating countries.

    “It will bring together important professionals around the world. This event will give us opportunities to network with foreign investors and explore other areas of investments apart from oil. The workshops have also been certified by professionals,” he said.

    Speakers from the Association for Consulting Engineering in Nigeria (ACEN), Nigeria Society of Engineers (NSE), Nigerian Institution of Structural Engineers (NISTRUCTE), Association of Professional Women Engineers of Nigeria (APWEN), Council for the Regulation of Engineering in Nigeria (COREN), Nigeria Institute of Building (NIOB), and Nigerian Institute of Town Planners (NITP) are billed to take part in the workshops.

  • Institute seeks financing option for infrastructure deficit

    With N3 trillion required yearly to meet Nigeria’s infrastructural deficit, the Nigerian Institute of Quantity Surveyors (NIQS) has called for project financing as an option to develop  infrastructural projects.

    This option was mulled at the just-concluded two-day specialised workshop organised by the body in Lagos, with the theme: “Finance and development of capital projects-emerging solutions”.

    The institute’s President, Mrs. Mercy Iyortyer, condemned the tradition of government financing capital projects from allocations from fiscal budgets alone, without the contribution of finance from other sources like the private sector, as unsustainable especially in view of the present economic situation of the country, which she traced to falling oil prices, high exchange rate, double digit inflation rate, unstable foreign exchange rate, low budget performance and liquidity constraints on the fiscal budget.

    The situation, she further noted, has been compounded by commercial banks, who have made themselves short-term lenders- a development that is not suitable for long term investment projects. This is why it has become crucial that alternative sources of investments with larger and more patient pools of capital are incentivised to participate in infrastructure financing.

    “There is need for us as a people, especially as professionals, to consider emerging solutions to these challenges and to benchmark with other countries such as China and Dubai which have had success stories in this area. The private sector is expected to become increasingly involved in the creation of financing solutions to develop Nigeria’s frail infrastructure,” she said.

    Although Iyortyer noted that project finance in the country is still in its infancy, coupled with the attendant pressing challenges in this regard, positive trends, she said, are beginning to emerge. Notwithstanding, the NIQS boss observed that the progress made so far in this direction has provided a strong foundation for hope.

    Quantity surveyors, she explained, have an understanding of the measurement of cost and value, including the necessary combination of financial analytical skills and market knowledge to rise to the occasion required for capital project finance and development.

    In a communiqué signed by Iyortyer at the end of the workshop, the body said the approach of project financing is unsustainable given the present economic pressures, which was listed to include falling oil prices, high exchange rate, double digit inflation rate, unstable foreign exchange rate, low budget performance and liquidity constraints on the fiscal budget.

    The communiqué said there was the need for professionals to consider emerging solutions to these challenges and to benchmark other countries, such as China and Dubai who have had success stories in this area. It also urged the private sector to become increasingly involved in the creation of financing solutions to develop Nigeria’s frail infrastructure.

    The communiqué also noted that with the understanding of the measurement of cost and value among others, quantity surveyors would lead the way in the quest to ensure private sector financing of capital projects.

  • Lagos spends additional N20b to tackle housing deficit

    The Lagos State government at the weekend said it had concluded plans to inject additional N20 billion into the provision of affordable housing to tackle housing deficit.

    At the handover of keys to 200 allottees at the secretariat at Alausa in Ikeja, Commissioner for Housing, Prince Gbolahan Lawal, said the new funds were proofs of the government’s commitment to bridge the estimated three million housing deficit in the state.

    Lawal said 10 private real estate developers had been engaged under a Public Private Partnership (PPP) initiative to increase the housing stock in the state and Nigeria.

    According to him, the involvement of PPP in housing would begin next month to signal the seriousness of government to combat the state’s accommodation challenges.

    Lawal said the recent 200 housing units given out to beneficiaries had brought the number of allocation to 500 in the last three months.

    The commissioner said each of the 500 homes allocated to lucky beneficiaries through the Rent-to-Own scheme, would house at least five persons, given an estimated 2,500 direct beneficiaries of the scheme.

    He said: “In February, 100 lucky residents, who subscribed to the scheme, were successful and were given keys to their new homes in March. The number increased 100 per cent – to 200 – those who also collected keys to their new homes. Just last month, another batch of 200 residents collected keys to their new homes at a brief ceremony at the secretariat at Alausa in Ikeja.

    Lawal described the Rent-To-Own policy as “not just about provision of shelter” but of economic stimulation and empowerment.

    The commissioner said it demonstrated efforts of the Akinwunmi Ambode administration to provide affordable homes for a large number of people.

    He added that 200 residents, who were given keys to their new homes, were among those who applied, passed the eligibility test and met the criteria for becoming owners of those homes.

    The General Manager of Lagos State Mortgage Board, Mr. Dehinde Tunwashe, urged every Lagosian to keep faith with the Ambode administration to provide decent and affordable housing for the residents.

    One of the allottees, Mrs Adepeju Olowo, a civil servant, said: “I am happy because, contrary to expectation, I now have somewhere to lay my head after retirement.”

    Other beneficiaries thanked the government for initiating the policy.

  • National grid power deficit hovers around 13,843Mw

    Consumers connected to the national grid require additional output of 13,843 megawatt (Mw) of electricity to  meet their needs a report from the Transmission Company of Nigeria (TCN) has shown.

    According to TCN’s report for August 12-15, average daily output was 13,843Mw national peak demand forecast was well above 17,000Mw with output remaining below 4,000Mw.

    The report showed that within the four days, power generation averaged 3,877Mw while the national peak demand forecast was 17,720Mw reflecting a shortfall of 13,843Mw. Power generation to the national grid, according to the report, has been above 3,000Mw since last month when attacks on gas pipelines by the Niger Delta militants started reducing.

    It stated that peak generation on August 12 was 3,866.9Mw. On August 13 and 14, peak generations were 3,733.4Mw and 3,686.3Mw, while othe following day, it was 3,921.4Mw, an average of 3877Mw.

    The TCN also said the nation has an installed transmission capacity of 11,165.40Mw while the functional facilities, if optimally, utilised can supply 7,139.60Mw. The shortfall may be due to several constraints, including facility breakdown.

    Also contrary to allegations of poor capacity levelled against the transmission firm, including inability to wheel more than 5,000Mw to electricity distribution companies (Discos), TCN said its transmission capability was 7,000Mw while the network operational capability was 5,500Mw.

    The  Research and Advocacy, Association of Nigerian Electricity Distributors (ANED) Executive Director, the umbrella body of the electricity distribution companies in Nigeria, Mr. Sunday Olurotimi Oduntan, said the estimated national peak demand forecast of about 17,000Mw by the TCN was only a fraction of the national demand as the huge energy-consuming firms are not connected to the grid.

    Oduntan said it was difficult to determine national consumption as most of the big consumers are off-grid.

    “The actual national energy demand may be difficult to determine because many organisations, industrial concerns and rural communities, such as the Redeemed Christian Church  of God and Winners Chapel headquarters as well as Dangote Industries Limited, among many others, are not connected to the grid.

    “There is huge power deficit in Nigeria but going by the number of customers captured on the grid, 20,000Mw would be able to give the stable electricity supply expected by Nigerians. However, it is a herculean undertaking to generate the 20,000Mw that I feel will enable industrial firms to comfortably connect to the national grid,” he said.

  • Housing deficit: Lagos plans 187,000 houses yearly

    After identifying a shortfall of 2.5 million housing bunits in the state, the Lagos State Government is planning, in the next five years, to build a minimum of 187,000 housing units yearly.

    The Commissioner for Housing, Gbolahan Lawal, made this known during a courtesy visit to the office of the Acting Deputy British High Commissioner to Nigeria, Mr. Ahmed Bashir.

    According to Lawal, the state government will formulate policies that will not only quicken the process to achieve this, but which will also make it successful.

    “Governor Akinwumi Ambode has formulated people-oriented policies that will ensure the supply of 187,000 housing units yearly to address the state’s 2.5 million housing deficit over the next five years,” he said, adding that the Housing Ministry would model its affordable housing after the British social housing programme.

    The Commissioner disclosed that the state intends to explore the vertical style of building in order to make housing units available in the employment centres, especially for the lower and middle income earners, and address the shortage of skilled workers in the construction sector.

    “We also plan to address the dearth of skilled workers in the building industry such as masons, carpenters, steel fabricators, plumbers, electricians, painter, joiners, tillers among others, through the Master Craftsman Project,” he said.

    The Master Craftsman Project, he said, is aimed at encouraging the younger generation to embrace skills in construction, considering that the older artisans were gradually ageing without younger ones being trained to replace them.

    Bashir said the United Kingdom also had passion for training and was ready to assist the ministry in providing same for craftsmen in the state. He also called for more investment in housing for short stay in the state, especially for businessmen and tourists.

    “The Lagos State Government should make adequate provision for the people to come to Lagos and the country in general and stay briefly. This will guarantee their safety on their short stay in the country,” he said.

  • Nigeria’s grid power deficit hovers around 14,622Mw

    Electricity consumers connected to the national grid need additional output of 14,622megawatts (Mw) to meet their requirements, a report from the Transmission Company of Nigeria (TCN) has revealed.

    The company’s daily operational report showed that between Sunday and Tuesday this week, national peak demand forecast has been above 17,000Mw while output remains slightly above 3,000Mw.

    The report said that the national peak demand forecast was 17,720Mw while generation stood at 3,097.3Mw, reflecting a shortfall of 14,622.7Mw. Generation to the national grid, according to the report, has been about 3,000Mw since July, when attacks on gas pipelines by the Niger Delta militants started reducing.

    The TCN also said the nation has installed transmission capacity of 11,165.40Mw while the functional facilities, if optimally utilised, can supply 7,139.60Mw. The shortfall may be due to several constraints, including facility breakdown.

    Also, contrary to allegations of poor capacity leveled against the TCN, including inability to wheel more than 5,000Mw to power distribution firms, the TCN, as at Monday, said its transmission capability was 7,000Mw while the network operational capability was 5,500Mw.

    The Executive Director, Research and Advocacy, Association of Nigerian Electricity Distributors (ANED), the umbrella body of all the electricity distribution companies in Nigeria, Mr. Sunday Olurotimi Oduntan, said the estimated national peak demand forecast of about 17,000Mw by the TCN is only a fraction of the actual national demand as the huge energy-consuming firms are not connected to the grid.

    Oduntan said it was difficult to determine national consumption as most of the big consumers are off-grid. “The actual national energy demand may be difficult to determine because many organisations, industrial concerns and rural communities such as the Redeemed Christian Church and Winners chapel headquarters as well as Dangote Industries Limited, among many others, are not connected to the grid.

    “There huge power deficit in Nigeria, but going by the number of customers, currently captured on the grid, 20,000Mw would be able to give the stable electricity supply expected by Nigerians.  However, It is a herculean task to be able to generate the 20,000Mw that I feel will enable industrial firms to comfortably connect to the national grid,” he said.

  • ‘Nigeria has over 90,000 police deficit’

    Chairman, Senate Committee on Police Affairs, Senator Abu Ibrahim has said the country  has over 900,000 deficit in police personnel.

    Senator Ibrahim said the deficit was despite President Muhammadu Buhari’s directive that 10,000 personnel be recruited.

    The Katsina South Senator stated this during a meeting of the joint National Assembly Committee on Police Affairs, with the Acting Inspector General of Police, Ibrahim Idris, in Abuja.

    He noted that the move to recruit 10,000 officers was still insignificant compared to what the police needed to face  insecurity.

    Ibrahim lamented security threats in the country by militant groups, saying “there are also the disturbing challenges of insecurity, particularly insurgency, farmers/herdsmen violence, the Niger Delta Avengers destruction of economic facilities, kidnapping and robbery, among others.”

    The lawmaker expressed concerns that the acting inspector general of Police came to office when there was acute scarcity of funds due to economic crunch.

    Senator Ibrahim however assured that the National Assembly Joint committee on Police Affairs will give the new IGP maximum cooperation and assistance he needed to succeed in addressing the security challenges in the country.

    He said, “I am aware that this number is insignificant compared to what the police needs in order to adequately face these challenges especially when it is realised that the police is in deficit of about ninety thousand officers and men.” He reminded the acting IGP that the joint committee on police affairs of the two chambers is responsible for overseeing the activities of the police, adding that the jurisdictions of the committee as contained in the Senate Rules 97(46), included budget relating to operation and maintenance of police departments.

    Others, according to him, are issues relating to recruitment, promotion, benefits and privileges of members of police f well as fire arms control and maintenance of law and order.

    The Acting Inspector General of Police assured the committee members  that he will do his best to tackle the security challenges across the country within his stay in office.

    He also promised to work with the National Assembly Joint committee on Police Affairs to ensure maintenance of law and order across the country.

  • Lagos seeks partners on housing deficit reduction

    Lagos State government has called for Public-Private Partnership (PPP) to reduce the state’s 2.5 million deficit in the housing sector.

    The Commissioner for Housing, Mr Gbolahan Lawal, said this in Lagos, during the Institute of Directors (IoD) induction at Eko Hotel and Suites.

    According to the Commissioner,  the government cannot make housing available because of the  others needs calling for the government’s attention.

    Lawal explained that to bridge the  housing gap, a lot has to be considered, including the reduction of infrastructural commission, construction financing and transportation cost.

    He however assured that the state government would continue to explore opportunities for low income earners to access homes through the many schemes it has put in place to make housing affordable.

    This, he said, include focus on the land, allocations, and location that will ensure that less amount is spent on infrastructure which will further reduce housing cost.

    “The government will continue to see that the cost of construction is drastically reduced by making sure that those houses are located where their infrastructure is affordable. We will remain committed to the housing policy, which is our developmental agenda,” he said.