The Minister, Federal Capital Territory, Muhammad Bello, says the Land Swap Programme would save the Federal Government nearly N1 trillion.
The News Agency of Nigeria reports that the Federal Executive Council, on June 16, approved the resumption of the Federal Capital Development Authority land swap initiative started by the administration of former President Goodluck Jonathan.
The Federal Executive Council, rising from a meeting in Abuja, approved the resuscitation of the land swap programme aimed at ensuring massive infrastructural development in the Federal Capital Territory.
The minister made the disclosure while performing the ceremonial site hand-over of the Gwagwa District Development to Messrs Gwagwa Concession Limited.
A statement issued by Anthony Ogunleye, Chief Press Secretary to the minister, read that ”The Land Swap programme is expected to save the FCT administration nearly N1 trillion, which the administration would have required to procure comprehensive district infrastructure in the 13 districts earmarked under the programme.”
It quoted the minister as saying that the administration adopted the land swap programme when it became obvious that it could not develop the FCT using its annual budgetary allocation.
”Developing the city using the annual budgetary allocation is simply not possible because of the way the city has grown astronomically in terms of physical expansion and a rising population.
”The programme, in its most basic form, is to grant an agreed percentage of land to an investor for comprehensive development.
“In exchange for this grant, the investor is to provide both specified infrastructure as well as resettlement costs,” it read.
It added that the programme was a 10-year comprehensive plan with four years meant for the provision of infrastructure.
“Its primary objective includes the encouragement of home ownership and the reduction of housing deficit in the FCT. The provision of infrastructure in designated districts as well as finding a lasting solution to the resettlement and compensation challenges of the FCT administration.
”The programme will be driven 100 per cent by the private sector and is to be carried out in strict compliance with the provisions of the Abuja Masterplan. In accordance with the technical specifications and standards established by the FCDA,” the statement read.
The Minister of State for FCT, Dr Ramatu Aliyu, said that the event was a testament to the commitment of the administration to the provision of critical infrastructure for FCT residents in line with the presidential mandates for the administration.
The Managing Director of Gwagwa Concessions, Farouk Saleh, while presenting a symbolic key of the District to the FCT minister, said that his company would deliver on the provisions of the contract for the development of Gwagwa District.
(NAN).
