Business
FMBN Wants Council Staff Back To NHF Scheme
Federal Mortgage Bank of Nigeria (FMBN), has urged staff and management of Gwagwalada Area Council to return to the National Housing Fund (NHF) Scheme to enable them to become home owners.
Mrs Felicia Aningo, FCT FMBN Coordinator, made the appeal during the bank’s sensitisation programme and interactive session with the council’s staff in Gwagwalada, Thursday.
The Tide source, recalls that the six area councils had pulled out from the scheme in 2000, following agitation by workers during Comrade Adams Oshiomhole’s tenure as NLC leader.
Aningo, noted that the scheme had since been reviewed, leading to the return of most states and local governments to the scheme.
She said that, the enlightenment campaign was aimed at addressing issues surrounding the scheme, with a view to resolving them, so that the area councils, including Gwagwalada, could access the Home Renovation Loan (HRL).
It was reported that the HRL is a scheme that affords NHF contributors an opportunity to access mortgage loans of N1 million for the renovation or improvement of their existing homes.
According to the Coordinator, Bwari, Abaji and Abuja Municipal Area Councils had returned, leaving Gwagwalada, kwali and Kuje.
She, however, urged other councils to emulate Bwari Area Council that had benefited from the HRL scheme, which aims at reducing housing difficulties.
She assured the staff of the council that the money they had contributed before exiting the scheme, was still in the bank’s record.
She said that, the bank was willing to repay the money with interest upon the presentation of a proper payment schedule by the council.
She added that, those willing to continue with the scheme, would not be required to pay the arrears owed over the years.
“We have spoken with the union, if you give us a breakdown on how to distribute the money, we are going to pay back with interest, including the deceased as soon as possible.
“For those willing to continue and to enable them get the loan, you are not going to pay the arrears you have not paid over the years. Once you start the contribution, it will enable you to get the HRL.
“We cannot give you any loan without you coming back to the contribution,” Aningo said.
She noted that, the bank had also documented the council’s staff list, adding that, contributions of the deceased would be refunded to their next-of-kin after due process.
The coordinator assured the staff that, the scheme was working and keeping accurate records.
“If you didn’t take a loan and you have retired, it will be refunded to you with interest. NHF refund has always been the first money Nigerian retirees lay their hands on before pension.
Responding, Mr Isuwa Asher, Chairman, National Union of Local Government Employees (NULGE), in the council, said the union would key into the scheme again and would be glad to access the loan.
Asher, however, added that the union would not hesitate to quit, if the assurances were found to be incorrect.
Meanwhile, Mr Yohana Ishaya, the Chairman, Medical and Health Workers Union, expressed concern about the scheme and suggested that the contribution should be optional.
Another staff from the Accounts Department, Mr Habib Gegu, said that the would be glad to enrol again as the scheme would enable him to solve housing problems.
“The scheme enables one to have a home before retirement because you may not have the money in bulk to build or buy,” Gegu said.
The rate of inflation in Nigeria has declined for the sixth consecutive month to 16.63 per cent in September, which is its lowest level since January this year, the National Bureau of Statistics (NBS) has said.
The Bureau, in its Consumer Price Index released on Friday, said the inflation rate fell by 0.38 per cent from 17.01 per cent in August.
The drop in headline inflation began in April when it fell to18.12 per cent from 18.17 per cent in March.
According to NBC, the urban inflation rate increased by 17.19 per cent (year-on-year) in September 2021 from 17.59 per cent recorded in August 2021, while the rural inflation rate increased by 16.08 per cent in September 2021 from 16.45 per cent in August 2021.
It said farm produce such as bread, cereals, cocoa, meat, coffee, tea and cocoa drove food inflation, fell to 19.57 per cent in September from 20.30 percent in August.
Other items that led to the rise in the composite food index in September included oils and fats, yam and other tubers, fish, potatoes, milk, cheese and egg.
“On month-on-month basis, the food sub-index increased by 1.26 per cent in September 2021, up by 0.20 per cent points from 1.06 per cent recorded in August 2021”, the NBS stated.
The Statistician-General of the Federation, Simon Harry, said the fall in the inflation rate signalled an improvement in government performance and more favourable economic conditions.
“The inflation rate in Nigeria has maintained a consecutive decline in year-on-year for a period of six consecutive months, starting from March 2021 to August 2021”, he said.
By: Corlins Walter
The Nigerian Communications Commission (NCC) has said that the plan for deployment of Fifth Generation technology in the country has gotten to 97 per cent.
Executive Vice Chairman of NCC, Prof. Umar Danbatta, disclosed this at the annual African Tech Alliance Forum with the theme ‘Embracing changes and digital transformation in the new normal’.
According to a statement titled ‘NCC update on plans for 5G deployment’ issued by the NCC’s Deputy Manager, Public Affairs, Kunle Azeez, the commission stated that some spectrum would be auctioned.
“Already, we are set for the auction of some spectrum slots in the 3.5GHz band. The other day, I was at the National Assembly, I informed the Senate that we were 95 per cent ready for 5G.
“Today as we speak, I am delighted to tell you that we are already at 97 per cent completion.
“The committee set up to auction the spectrum has already developed an information memorandum which is already published for inputs and comments from all industry stakeholders.
“Prior to this, a 5G deployment plan was developed and we have since secured the Federal Government’s approval”, the commission stated.
The commission also explained that because of the Covid-19 pandemic, almost every means of communication became virtual, which led to an increase in network connectivity requirements as a result of unprecedented upsurge in internet traffic.
Danbatta added that even though the network infrastructure in the nation demonstrated some capacity to contain the surge in internet traffic, a lot of work was being done by the commission to boost network capacity, sensitise the public and ensure accessibility to affordable connectivity.
“Emerging technologies such as 5G, which NCC is driving aggressively in Nigeria, Internet of Things; Cloud Computing; Quantum Computing Augmented/Virtual Reality, and similar emerging technologies are playing a critical role in improving remote communication over the internet with great user experience.
“The NCC is committed to promoting this inevitable change and enhancing user experience through effective regulation of the telecoms sector”, he stated.
The International Monetary Fund (IMF) has projected that Nigeria’s Gross Debt-to-Gross Domestic Product ratio will rise from 35.7 per cent in 2021 to 42 per cent by 2026.
The IMF stated this in its October 2021 Fiscal Monitor Report published on its website.
It said the country’s gross debt-to-GDP ratio would increase from 35.7 per cent in 2021 to 36.9 per cent in 2022, 37.7 per cent in 2023, 39.1 per cent in 2024 and 40.6 per cent in 2025.
According to the report, the gross debt includes overdrafts from the Central Bank of Nigeria (CBN) and liabilities of the Asset Management Corporation of Nigeria (AMCON).
It added that the general government’s revenue-to-GDP ratio would decrease from 7.2 per cent in 2021 to 6.5 per cent in 2026, while the general government expenditure-to-GDP ratio would decrease from 13.3 per cent in 2021 to 12.6 per cent in 2026.
The global financial institution said that the general government net debt-to-GDP ratio would increase from 35.3 per cent in 2021 to 41.8 per cent in 2026.
“The overdrafts and government deposits at the Central Bank of Nigeria almost cancel each other out, and the Asset Management Corporation of Nigeria debt is roughly halved,” it added.
The report said for low-income developing countries like Nigeria, average gross debt in 2021 would likely remain stable at almost 50 per cent in 2020, while debt vulnerabilities “are expected to be high.
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