The Deputy Campaign Spokesman of the APC Presidential Campaign Council, Ajuri Ngelale, has been speaking on how the Presidential Candidate of the All Progressives Congress, Asiwaju Bola Ahmed Tinubu, intends to speedily take Nigeria’s Economic Development into double digits.
Mr Ngelale who was Speaking on the TVC News Nigeria’s flagship Business Programme, Business Nigeria, with Tolu Ogunjobi, says Asiwaju Tinubu has a four pronged approach to tackle corruption and enhance Economic Development.
He said the first step to be taken by Tinubu is the standardisation of the acquisition of Land through a collaborative effort with incoming 10th National Assembly and State governments to ensure that the timeline for the procurement of a Certificate of Occupancy is the same across the country.
Going Further, he said the government will as the next step to this be offering Developers, Architects and those involved in the building of houses across the country tax rebates, incentives and Others to ensure the building of Millions of houses for Nigerians.
On the Issue of Corruption, he said the lack of accessibility to credit for most Nigerians is an enabler of corruption which will be addressed by creating a consumer credit system that will be income based for Nigerians to be able to acquire whatever they need without paying cash upfront.
He disclosed that once people are able to acquire Houses, Cars, Other household items and have access to health through the system, it will reduce the propensity to seek for illegitimate income.
He added that the Tinubu plan is the most viable and comprehensive plan that will take Millions of Nigeria out of poverty.
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“We’ve achieved quite a bit. I think the question really moving forward, and I think Nigerians, as you mentioned, are well aware of what we’ve accomplished in the ease of business, MSME capitalization separate from farmers, we put over 1.5 trillion Naira in the hands of millions of micro small and medium scale enterprises at single digit interest rates.
This was something that was impossible before 2015, and obviously over 12 million Nigerians benefiting from social investment programs, aside from the massive boom that we’d seen in construction year on year as a result of our massive investments in roads, bridges, airports, seaports, power plants, dams and the like across this nation.
With all of that said, we still have work to do. Which is why his excellency Asiwaju Bola Tinubu, has been very clear in his plan of action while giving due credit to President Muhammadu Buhari for laying a successful foundation, we’re going to now build on that foundation with a series of measures, including, really what’s going to be the establishment of I think what might be the centerpiece of the Tinubu administration’s economic reform in the country is the establishment of a consumer credit system.
Is we have for decades been asking innocent Nigerians to buy a house with money upfront to buy a car with money up front to pay a year’s rent upfront. And of course, that would tempt them to move to seek out income outside of their legitimate income.
So what the consumer credit system is going to bring to the table is it’s going to enable a scenario where tens of millions of Nigerians will be able to access a home, a vehicle, large scale, large domestic appliances such as freezers and refrigerators, without being forced to pay all the money upfront. How is this going to work?
First of all, in housing, we’re going to immediately and this is going to involve millions of young people constructing homes across the country. We’re going to immediately work with the new 10th National Assembly, once it’s inaugurated in June, to reform the Land Use Act to standardize all of the timelines and processes around land access in our country.
We understand that that is a constitutional prerogative of the state governments. So we have to work very closely with the state governments to ensure that we end the current scenario, where in Lagos state you might be able to from the time you put in your application to the time you actually get your C of O, it might be a month or so.
In another state like Kogi or Rivers or a different state, it might be up to six months. It might involve paying a bribe to the State Ministry of Lands and all of that. So we want to standardize that process so that it’s the same across the country, number one.
Number two, which is very important, is we’re going to be offering developers these are housing developers incentives such as tax rebates, tax credits and other grants and forms of incentive to enable them to devote as much of their new development away from highrise buildings and condos and mansions for rich people, into social housing where we can construct 10 million valued homes for low income Nigerians and middle income Nigerians civil servants and the like, so that they can have access to their own homes.
The third and final level to this, which is very important to understand, is we’re going to be working with the Central bank of Nigeria, because we recognize that you can’t just construct a whole bunch of homes if you don’t have the financial architecture to be able to offtake those homes.
So you have to have a buyer in order to pay the labor that’s going to continue constructing these millions of homes across the country. So at the third level, we’re going to be working with the central bank of Nigeria to create a series of incentives for the deposit money banks in this country, which include enhanced interbank settlement offers, better functioning or at least enhanced monetary policy ratios and the like, to incentivize them to create a bulk percentage of all of their lending.
For lending to the real sector. For lending for home mortgages, for lending for automobile purchase through lease to own, for lending for the purchase of large domestic appliances such as refrigerators and freezers.
We want to change the living standards of our people. And we believe that the establishment of a consumer credit system in this country that is based on your legitimate income, where if you’re making $300,000 a month or $100,000 a month, you can take your employment letter and your bank statements and all of the documents required to the bank in exchange for a mortgage that will allow you to affordably make a payment monthly until you own the home within the means of your legitimate income. That’s something we’re excited to bring to the table.
That’s something we believe is going to be revolutionary. And then the last point is in agriculture, because you mentioned agriculture. The way we’re going to be building on the anchor borrowers program and many of the other successful interventions of President Muhammadu Nuhari administration is we are going to engage millions of young people not just in the farming once the land clearing program is done, but in the land clearing program itself.
Right now, my brother, we have a situation where only 35% of all arable land in this country is currently under cultivation, meaning two thirds of all arable land in this country is currently lying follow with no productivity attached to it.
We want to end that. And so the man who will be known as president Bola Ahmed Tinubu by the grace of God by May 2023, is promising Nigeria that by the end of his first term in office in 2027, he will have moved through a massive land clearing exercise across this country. That percentage of 35% of arable land under cultivation to 65% of all arable land under cultivation by 2027.
Obviously, you’re going to create the jobs during the land clearing exercise, but most importantly, we’re going to be mobilizing these millions of rural Nigerian youths who are physically capable, who are talented to be moving into these cleared spaces, into these Arable lands, to start their own farming businesses and industries. That’s how we create employment on a mass scale and that’s how we create more taxpayers, more bankable Nigerians with bank accounts and a larger pie to ensure sure that we’re able to effectively meet the needs of our nation in terms of revenue generation”.