All is set for President Goodluck Jonathan to perform the ground-breaking of eight out of 10 districts earmarked by the federal government for Abuja’s Land Swap Initiative, the Minister of the Federal Capital Territory, Bala Mohammed, has said.
The minister made this known on Monday in Abuja.
He said the flag-off will take place in Waru District, along Apo, Abuja on Thursday.
The minister added that the ground-breaking for the provision of engineering infrastructure in the eight districts of Phase IV (South) within the Federal Capital City, is on the basis of the FCT initiative of leveraging on its land resource for infrastructure provision.
The minister noted that the FCT is partnering with 15 investors presently in the provision of engineering infrastructure in the two sector centres of Phase IV.
“We estimate that this initiative will provide additional housing for more than 1,000,000 residents and will further reduce the housing deficit by about 35% in the next 5 years as well as put more money in the hands of FCT Administration for human development activity, particularly in the areas of health and education,” he said.
Mr. Mohammed said it will further provide more than 500,000 jobs, stating that the flagging-off is meant to also jumpstart development in those areas to bid farewell to land speculation, freezing and racketeering in Abuja.
The land swap initiative was introduced by the federal government to aid the development of infrastructure in Abuja as the city faces rapid population growth.
Under the policy, private investors develop green districts after paying stipulated fees to the government.
In return, the investors retain ownership rights over 60 per cent of plots in the new area, while the government takes the remaining 40 per cent.