For public and private sector workers in the country, the days may soon be back when they can walk to their banks, auto shops and drive away in brand new cars or become house owners by just filling in a mortgage form.
In fact, from next year, this package is part of the 2014 fiscal plan being worked out by the Federal Ministry of Finance. President Goodluck Jonathan gave a glimpse into the budget yesterday in Abuja.
Under the plan, a bank named Mortgage Refinance Company which is being promoted by the Federal Ministry of Finance with majority private sector ownership will help to address the acute housing challenge in the country. The institution, billed for launch before the end of this month, is to ensure that Nigerians have access to cheap mortgage funds from housing finance lenders.
Already, the World Bank has offered a soft loan of $300 million under its International Development Association (IDA) concessionary lending window.
The re-introduction of car and housing financing, according to the President, is aimed at curtailing corruption both in the public and private sectors. He blamed the society for the continuous growth of corruption in public life because it encourages it as most corrupt people are being celebrated instead of being vilified.
He said that the new initiative would go a long way in checking the temptation to commit graft by most workers as they would now have a minimum level of comfort, the pursuit of which normally makes them to be corrupt in their workplaces.
Jonathan unveiled the plan while speaking as guest at the 54th Yearly Conference of the Nigerian Economic Society (NES) where over 500 economists drawn from within and outside the country are gathered to discuss this year’s theme of “Institutions, institutional reforms and economic development: An analytical and policy perspectives.”
The theme is equally centered on reforming institutions aimed at reducing graft in public life in Nigeria. The Co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala and a former Minister of Health, Prof. Eyitayo Lambo, were honoured with the NES Fellow Award.
Jonathan said: “Our effort at strengthening the capacity of state’s institutions to fight corruption is not limited to granting independence to EFCC and other anti-corruption agencies.
“It extends to developing affordable finance for housing, car ownership, among others, as we believe that taking measures to help and realise aspirations to own their own homes and fund those things that make life easier, can also aid the fight against corruption.
“In addition to strengthening these institutions, we believe that we should not create an environment where people would be tempted to take what belongs to the public because that is why even in the fertiliser business we talk about electronic wallet so that funds are not exposed to corrupt people.
“When you talk about corruption, the private sector is involved; the public sector is involved; even the individuals, including professional societies and I, wouldn’t want to mention names so that I will not be attacked.
“But I know that if collectively all of us don’t reward corruption, people would not be attracted to corrupt practices. But when we reward corruption, of course we will be tempted to go in that direction. I want a society where all of us will frown at people who come up with what they are not supposed to have. (If) a young man who just started a job within six months or a year comes up with a car of N7 million to N15 million and you clap for him, then you are rewarding corruption.
“So, for us as a nation to bring corruption down in Nigeria, it’s not just blaming government or blaming police but all individuals must frown at people who have what they are not supposed to have, who live in houses they are not supposed to live in; who drive cars they are not supposed to drive and who wear suits more expensive...
And until we as Nigerians are able to do this, then invariably we are all rewarding corruption and until we stop that, I don’t think we will get to where we want to go.”
On initiatives by his administration to check corruption in the country, he said: “Our approach to fighting corruption has also been the focus of building institutions that have the capacity to overcome corrupt influences. This approach uses the rule of law as a frame-work to fight corruption”.
“In this regard, we have repositioned the leadership of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other related offences Commission to ensure more effective efficient and transparent ways of managing corruption and corrupt practices.”
Commenting on the theme of the conference, the President said it was in line with his administration’s vision as key reforms had taken place in several sectors in the country.
He said: “It is worthy to note that in every sphere of our national life, government has enshrined the reform mechanism aimed at strengthening national institutions on a continuous basis. These institutional reforms are aimed at changing obsolete ways of doing things and engendering modern ideas and processes.
“Take the example of public financial management, that is how we implement our budget, pay our salaries and pay our accounts. For many years, the process has been very manual - government officials carry documents and files from one office to another.
“This manual systems created opportunities for corrupt leakages and also introduced many ghost workers and ghost pensioners to the payrolls. Today, we have put in place modern computerised systems and processes to manage the government payroll and also the government finances. In addition, there has been conscious focus on strengthening the Judiciary and the Independent National Electoral Commission on the importance of building strong institutions.
“In key sectors such as power and agric, we have built strong institutions which improved efficiencies and fostered economic growth. Our approach to fighting corruption has also been the focus of building institutions that have the capacity to overcome corrupt influences. This approach uses the rule of law as a frame-work to fight corruption.”
Earlier, in a welcome address, the President of NES, Prof. Akin Iwayemi, said the NES decided to focus on institutional reforms because of the interrelatedness of the topic with all sectors. Click to signup for FREE news updates, latest information and hottest gists everyday
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ReplyDeletegive this man rest of mind to work.....inpatient dey worry us for naija.....IBB,ABACHA,OBJ ,GEJ no good who go come good then?
ReplyDeleteDo not be deceived, it is not meant for common masses. It is to cajole us. Na today? Abeg park well! Another chop chop project.
ReplyDeleteBut wait dont the existing banks offer these same loans so what makes this new bank any different
ReplyDeletebut wait dont all these banks already give out these car and house loans. so what makes this new bank different nawa for GEJ Propaganda machine next they will tell us that he turned water into wine
ReplyDeleteanonymous 8.30pm if your papa fortunate to be in that post his first 3 months in ofc he go loot all the treasury of this country dry......ur word is just like a bee put inside bottle that is just shouting......if they ask you to be the person to colect money for nepa in the house u stay na to eat the money u go dey after so it all start frm there nobody is free we are all thesame...so stop barking like a dog at the back dor
ReplyDeleteU lack home training. And I can c u r from a father who happened to b a notorious armed robber. U lack morals.
DeleteThis is a good idea but help me ask mr president. If all our roads are In good conditions to enable these cars ply smoothly otherwise it would be another way of wasting peoples lives. I see another attempt to deceive masses because of political reasons and to embezzle our money.
ReplyDeleteInconsistency in government, aunt Ngozi minister of finance you were there during OBJ monetization programme now changing back to old days. One step forward, two step backward, I hail o
ReplyDeletegovernment loans are far generous.
ReplyDeletebank loans are killing. I borrowed 1.35 million. I'm going to pay back about 2.2 million.
Story story story! 2015 is in sight afterall. This is just another avenue for creating more Tompolos.
ReplyDeleteyou just kidding, you never finish subcidi removal now u want entice me with a new 1, na only mumu go accept
ReplyDeleteWho dey fool who? 2015 strategy.
ReplyDelete