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FG Unveils New Scheme To Control Inflation, Create jobs

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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has unveiled an ambitious agenda for economic reform to reduce inflation, create jobs, and foster growth in key sectors.

Edun said this at the 30th Nigeria Economic Summit (NES30), in Abuja on Tuesday.

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He said that government was focused on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy.

He said that the intention was to tackle poverty by enhancing agricultural productivity and food security, which is essential to lowering the high inflation rate.

READ ALSO: Why I’m Unmarried At 54 – Actress Bimbo Akintola

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Edun said that the government was partnering with the African Development Bank (AfDB) to establish agricultural processing zones, which would provide a robust supply of raw materials for domestic industries.

He said that the government would also address housing affordability, launching a mortgage scheme tjat would offer near-single-digit interest rates on loans spanning up to 25 years.

This initiative aims to spark a construction boom by increasing access to affordable housing, a critical area for job creation and economic growth.

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“In partnership with the private sector, we are delivering mortgages that will support Nigeria’s housing and real estate sector,” the minister said.

READ ALSO: CAF Delists Nigeria, Libya AFCON Qualifier Amidst Ill-Treatment Controversy

He said that the recent reforms had attracted significant investments, including an additional 10 million dollars from ExxonMobil and other key industry players.

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The oil sector is our first avenue for foreign exchange and global revenue,” he said.

Edun said that manufacturing would also benefit from new tax incentives and cheaper funding.

He said that this policies were designed to cut operational costs and increase job opportunities within the sector.

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We are offering specific incentives, including excise tax and withholding tax reliefs, to stimulate the manufacturing sector,” he said.

He said that these measures had encouraged Nigerian manufacturers to invest in the country’s economic prospects.

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NYSC Pays Arrears After Two-month Break

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The National Youth Service Corps resumed payments for arrears on Wednesday, marking the first disbursement since the last payment on June 3, following a two-month break.

This payment relates to the new N77,000 monthly allowance recently approved by the Federal Government.

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Recall that on April 5th, the Director-General of NYSC, Brigadier General Olakunle Nafiu, assured that corps members who recently completed their service will receive the new N77,000 monthly allowance approved by the Federal Government.

Speaking during the Batch A 2025 Pre-Mobilisation Workshop in Abuja, Nafiu said, “Once funds are released to us to offset the arrears, we will pay them. Even our corps members who passed out recently will benefit. We have their bank details.”

READ ALSO:Release Corps Member’s Discharge Certificate, Falana Tells NYSC

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He emphasised the government’s commitment, adding, “Nigerians should not fret about that because the government is both responsible and responsive to their needs.”

This development was confirmed by PUNCH, by a previously serving corps member who chose to remain anonymous, who said, “After waiting for two months, I didn’t expect to see another payment alert. But honestly, it’s not just about the money; it’s about feeling like our efforts actually count.

The payment of arrears, covering the period from July 2024 to March 2025, follows widespread frustration over delayed implementation after the Federal Government approved the allowance increase as part of its commitment to easing economic hardship for Nigerian youth.

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FCTA Withdraws Park Licences, Directs Fresh Screening Of Operators

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The Federal Capital Territory Administration has withdrawn all park licences in Abuja, directing operators to resubmit their documents for a fresh screening exercise, with a possibility of reallocation.

The Director, Department of Development Control, Murktar Galadima, disclosed this in an interview with newsmen on Wednesday, while explaining the reasons for the demolition of Boulevard Park, Maitama, Abuja.

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The FCTA carried out the demolition of Boulevard Park in Maitama on Tuesday, over violations of park policies and distortion of the Abuja Master Plan.

Assistant Director, Department of Development Control, and Sector Head for Maitama and Wuse, Sherif Razak, explained during the exercise that the park, originally designated for recreational purposes, had been overbuilt and misused.

READ ALSO:FCTA Local Contractors Protest Non-payment Of N5.2bn Bills

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He said the park had been converted to worship centres, revival grounds, and restaurants, operating under unhygienic conditions.

Galadima explained that the decision to withdraw park licenses followed a memo jointly submitted by the Directors of Parks and Recreation and Lands to the Minister of the FCT, highlighting several inadequacies and violations associated with parks management in the FCT.

He said the new directive offers park operators the opportunity to resubmit their documents to the Department of Parks and Recreation for review.

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If they meet the terms and conditions, they can be reallocated. Owners of parks should respond to the call, submit their documents, and if they meet the requirements, they will return to their parks,” he said.

READ ALSO:FCT Police Arrest Three Wanted Kidnappers

The Director stressed that the decision was not taken to deliberately witch-hunt park operators, but is part of efforts to restore order and compliance with existing policies.

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There’s nothing like witch-hunting. All park allocations have been withdrawn following a series of violations, and the Minister is at liberty to do whatever he wants to do with land in the FCT, parks inclusive,” he stated.

On the recent demolition of Boulevard Park, Galadima clarified that operators were duly notified before enforcement, pointing out that the park had long violated its terms of allocation, operating in direct contravention of recreational policy.

READ ALSO:JUST IN: FCTA To Take Possession Of 4,794 Properties Revoked Over Non-payment Of Ground Rent

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Boulevard Park was allocated for recreational purposes, but the activities taking place there are a total violation of the park policy in terms of operation. Boulevard has violated all the terms and conditions,” he said.

He noted that monitoring park operations was the primary responsibility of the Department of Parks and Recreation, adding that parks were expected to submit concept designs for approval before operations commenced. However, lapses in monitoring had led to widespread abuse.

The FCT is a creation of law, and lawlessness will not be tolerated. The development of the city is guided by law, and every operator must comply with the terms and conditions of their allocation,” Galadima said.

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He stated that a ministerial committee had been set up to review all allocations and uses of parks, to ensure they were serving their original recreational purpose.

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Tinubu Names New VCs For Education Varsities In Zaria, Kano

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President Bola Tinubu on Wednesday named Prof. Yahaya Bunkure as the new Vice Chancellor of the Federal University of Education, Zaria, Kaduna State.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement he signed on Wednesday titled ‘President Tinubu appoints Nakore, Kodage into governing council of Federal University of Education Kano, Bunkure, names VC Federal University of Education Zaria.’

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Bunkure is a renowned academic specialising in science education.

He is currently the Vice Chancellor of Saadatu Rimi University of Education in Kano.

READ ALSO:Ex-Tinubu Campaign Coordinator Resigns From APC

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Tinubu also appointed Abdurrazaq Nakore, an engineer, as Pro-Chancellor and Chairman of the Governing Council of Yusuf Maitama Sule Federal University of Education, Kano.

He named Prof. Abdullahi Kodage as Vice Chancellor of the university.

Nakore, a Fellow of the Nigerian Society of Engineers, was Executive Secretary of the Rural Electricity Board in Jigawa State.

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READ ALSO:Why I’d Choose Tinubu Over Obi – Adeyanju

The Federal University of Education, Zaria, and the Yusuf Maitama Sule Federal University of Education, Kano, were among the four Colleges of Education upgraded into full-fledged universities between 2022 and 2023.

In accordance with the institution’s governing laws, the pro-chancellor will serve a term of four years, while the Vice-Chancellors will serve for five years,” the statement added.

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