FG TO PRIORITIZE RESOURCE ALLOCATION IN THE FACE OF LOW OIL PRICES. (PHOTO). #PRESS RELEASE

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 PRESS RELEASE  FG TO PRIORITIZE  RESOURCE ALLOCATION IN THE FACE OF LOW OIL PRICES The Federal Government of Nigeria will pursue diversification of its revenues and adopt greater prudent resource allocation measures to mitigate the impact of low oil prices should it continue, according to Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. Speaking at a meeting with investors during the ongoing IMF/World Bank Spring Meetings in Washington DC yesterday, Mr Wale Edun emphasized that with the recent reforms embarked upon by the present administration, Nigeria is better positioned to deal with global economic uncertainties. The meeting was also attended by the Chairman, Senate Committee on Finance, Senator Mohammed Sani Musa; the Deputy Chairman of the House of Representatives Committee for Finance, Hon. Saidu Musa Abdullahi; the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso; the Permanent Secretary of the Federal Ministry of Finan...
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LAGOS PAYS OVER N6M TO DISPLACED FAMILIES AT ADENIJI ADELE PHASE 1 ESTATE.

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        The Lagos State Government has paid N6.6 million to the 12 families who were displaced due to the ongoing redevelopment project of Adeniji Adele Phase 1 Housing Estate on the Lagos Island as rent for the Year 2017/2018.
Speaking at the payment ceremony, Mr. Lateef Sholebo, General Manager of Lagos Urban Renewal Agency, LASURA, said the 12 families who received the payment were among the 30 families living in the Estate before the demolition for redevelopment.
He said the Lagos State Government had first paid an initial N18m as rent for the 12 families in 2014, adding that the recent payment of N6.6m is for the Year 2017/18 with each family collecting N550,000 as against N500,00 previously collected due to increase in rent.
According to him, “The government was in negotiation with the families before the buildings were demolished. The families were given two options of resettlement. Either they move to the Agency’s Transit Camp within Iba Housing Estate or get paid to secure a convenient accommodation in a location of their choice pending the completion of the project”.
“18 families opted for the choice of resettlement at LASURA's Transit Camp while the remaining 12 families chose to receive N500,000 to rent an apartment of their choice in a preferred location”, he added.
Sholebo maintained that the State government had to demolish the buildings in order to prevent imminent collapse and also upgrade the Estate in line with the megacity status of Lagos state.The Acting Chairman of Adeniji Adele Housing Estate Residents’ Association, Elder Semi Adeotan who spoke on behalf of the families and entire residents thanked Lagos State Government for the payment and proactive measures taken to prevent the loss of lives.
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