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CBN approves N200 billion housing loan for 300,000 households at 5% per annum

The facility is to enable FHF finance construction of social housing units for low-income earners.

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The Central Bank of Nigeria (CBN) has approved the sum of N200 billion as mortgage finance facility to the Family Homes Fund Limited (FHFL) and targeted at low income earners.

According to a circular, which was issued by the CBN , this financing initiative is to be implemented in collaboration with the Family Homes Fund Limited as the lead developer, as it is introduced to support the Federal Government’s Economic Sustainability programme.

This fund is to fast track the construction of 300,000 homes in the 36 states of the federation and the Federal Capital Territory and to create up to 1.5 million jobs in 5 years.

In addition to the 1.5 million direct construction sector jobs particularly young people on a low income, the programme also has the potential to create further 1 million jobs through its supply chain.

The CBN in the circular stated, ‘’The programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with direct impact on health, education and economic outcomes. Most of these would currently live in informal settlements with shared facilities in unsanitary environments. Towards targeting people on low-income level across the country.’’

On boosting local manufacturing, the apex bank stated, ‘’The programme is designed to utilize at least 90% locally manufacturing inputs and as a result conserve foreign exchange.

“In that regard the programme will deliberately aim to revitalize local manufacture of construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks etc. for example, it is estimated that the programme will require up to 1.7 m doors, 7m door hinges and locks etc.’’

The funds, which would be released to the Family Home Funds (FHF) by CBN on a project basis is subject to the cumulative maximum limit of N200 billion. The facility type which would be a term loan is to enable FHF finance the construction of social housing units for low-income earners and is for a 3-year tenor from the date of disbursement.

The facility, which is expected to be repaid in not more than 3 instalments within the tenor of the facility, has an interest rate of not more than 5% per annum.

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FG declares ‘no-fly zone’ in Zamfara, bans mining activities in the State

The imposition and enforcement of a ban on all mining activities in Zamfara with immediate effect is until further notice.

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President Muhammadu Buhari has banned mining activities in Zamfara State, as it declared a ‘no-fly zone’ in the northern state.

This was disclosed by the National Security Adviser (NSO), retired Maj. Gen. Babagana Monguno, during the State House briefing at the end of the meeting of the National Security Council on Tuesday.

At the meeting, which was presided by President Buhari, he said;

“The President has approved, based on our recommendations, the imposition and enforcement of a ban on all mining activities in Zamfara with immediate effect until further notice.

“He has directed the Minister of Defence and the National Security Adviser to deploy massive military and intelligence assets to restore normalcy to that part of the country.

“He has also approved that Zamfara State should be declared ‘a no fly zone’ with immediate effect.”

President Buhari said, “I join the affected families and the people of Zamfara State in welcoming and celebrating the release of the abducted students of GGSS Jangebe. This news bring overwhelming joy. I am pleased that their ordeal has come to a happy end without any incident.

“We are working hard to bring an end to these grim and heartbreaking incidents of kidnapping. The Military and the Police will continue to go after kidnappers. They need the support of local communities in terms of human intelligence that can help nip criminal plans in the bud.”

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FG will not succumb to blackmail by bandits who target innocent school students – Buhari

The President has warned hostage-taking bandits that his government will not succumb to blackmail.

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President Muhammadu Buhari has said that the Federal Government will not succumb to blackmail by bandits who target innocent school students in the expectation of huge ransom payments.

The President disclosed this in a social media statement on Friday evening, in reaction to the kidnap of students in Zamfara.

“Our primary objective is to get all the school hostages safe, alive and unharmed,” Buhari said.

He added that the FG had the capacity to deploy massive force against the bandits in the villages where they operated; however, the Army was limited by the possibility of heavy casualties of innocent villagers and hostages who might be used as human shields by the bandits.

A hostage crisis is a complex situation that requires maximum patience in order to protect the victims from physical harm or even brutal death at the hands of their captors,” he said.

The President said bandits and terrorists should not entertain the illusion that they were more powerful than the government.

“They shouldn’t mistake our restraint for the humanitarian goals of protecting innocent lives as a weakness or a sign of fear or resolution.


“We will not succumb to blackmail by bandits and criminals who target innocent school students in the expectation of huge ransom payments,” he added.

What you should know 

  • It was reported that armed bandits kidnapped 317 female students at the Girls Secondary School, Talata Mafara Local Government Area of Zamfara State on Friday.
  • The Commissioner of Police in Zamfara, Abutu Yaro, said, “We are doing our best along with all sister security agencies, members of the vigilantè group and the state government to get to the bottom of this matter.”

 

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Kidnapped Kagara schoolboys and staff have been released

The abducted students and staff of Government Science Secondary School Kagara, in Niger State, have been released.

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The kidnapped school students and staff of Government Science Secondary School Kagara, in Rafi Local Government Area of Niger State, have been released according to sources.

This was disclosed in an exclusive report by Channels TV on Saturday morning.

According to the report, the release of the abductees was confirmed by a government official.

What you should know

  • The students were abducted by the bandits dressed in military uniforms on Wednesday, February 17, 2021.
  • A total of 27 students, three staff members, and 12 members of their family were abducted after the attack on the Kagara school in the early hours of Wednesday.
  • President Muhammadu Buhari said that the Federal Government will not succumb to blackmail by bandits who target innocent school students in the expectation of huge ransom payments.
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