President Bola Tinubu has ordered the Central Bank of Nigeria, CBN, to suspend the implementation of the 0.5 per cent cybersecurity levy.

This was revealed on Tuesday by the Minister of Information and National Orientation, Mohammed Idris.

Idris disclosed this while speaking to State House correspondents.

According to him, President Tinubu ordered the suspension following deliberations by members of the Federal Executive Council, FEC.

Operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested thirteen fake bureau de change operators in Lagos.

They were arrested for operating BDC without an appropriate licence.

The suspects are: Abdulahi Musa, Garba Abdullahi, Dauda Hussaini, Jubril Musa, Abdulwaheed Iliyasu and Abubakar Mohammed.

Others are: Umar Saidu, Nurudeen AbdulAzeez, Hamidu Usman, Yusuf Isa, Musa Ishaka, Liman Makki and Idris Mohammed.

They were arrested during sting operations by EFCC’s operatives between May 10 and 13, 2024 at different parts of Lagos, following credible intelligence received by the Commission about their illicit business activities.

Also, a suspected currency racketeer, Kafayat Lateef was also arrested over for alleged involvement in the sale of the Naira notes in different denominations.

A sum of N2,100,000.00( Two Million, One Hundred Thousand Naira) was recovered from her at the point of arrest.

The suspects will soon be charged to court as soon as investigations are concluded.

The Federal Executive Council has approved an initiative aimed at transforming the nation’s infrastructure and housing sector.

The initiative, as approved by the council, is tailored to meet the urgent demand for critical infrastructure and affordable homeownership, fostering job creation, inclusive growth, and long-term productivity enhancement.

The council gave its nod to the initiative at its meeting at the State House in Abuja on Tuesday.

The initiative will unlock private-sector funds, which Nigerians can access for 25-year mortgages at low interest rates to realize their dream of owning a home.

At a press conference after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, explained the importance of innovative collaborations between the private sector and Sovereign Owned Enterprises (SOEs) like the Nigeria Sovereign Investment Authority (NSIA) and the Ministry of Finance Incorporated (MoFI).

He said such partnerships are envisioned to strategically channel funding to high-impact areas, ensuring impactful economic outcomes for the people.

“This alliance signifies a significant step towards driving sustainable development and economic growth in Nigeria by leveraging private-sector resources and expertise in strategic areas of need,” the Minister said.

The initiative aims to further strengthen the Federal Mortgage Bank and the Federal Housing Authority, enabling both public and private entities to fulfill their housing obligations. This collaboration is expected to boost the initial phase of the President’s Renewed Hope Cities project, with the aim of providing 50,000 units of homes across the country.

The partnership includes institutional investors creating mortgages within a framework overseen by the Ministry of Finance Incorporated to enable funding. This structure will streamline fund transfer from private investors to the housing sector, specifically the mortgage market, encouraging affordable homeownership opportunities.

The partnership will incorporate a specialized framework utilizing a special-purpose vehicle (SPV) owned by the Nigeria Sovereign Investment Authority. This structure will enable institutional investors to provide sustainable long-term financing with robust oversight, reducing risks associated with large-scale government projects.

The initiative also aims to ensure private-sector involvement in project governance, cost management, and asset delivery, offering tangible benefits to Nigerians while safeguarding investor interests. The infrastructure focus includes power generation, toll roads, and railway projects to align with the government’s economic goals.

Simultaneously, the federal government of Nigeria will concentrate on funding essential infrastructure to enhance project viability for private-sector participation.

Private-sector discussions and commitments indicate a potential mobilization of around N2 trillion in long-term financing for housing and infrastructure projects nationwide. This partnership holds the promise of numerous benefits for the Nigerian population.

By collaborating with private institutional investors, the President Tinubu-led government seeks to leverage the expertise and capital of private investors to accelerate the delivery of vital projects, driving sustainable development and economic progress for all Nigerians.