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Benefits of Pensions Scheme, by Obasanjo From Josephine Lohor in Abuja President Olusegun Obasanjo has said the commencement of the new contributory pension scheme from yesterday would provide cheap funds for the nation's development, especially in housing, agriculture and industry. Obasanjo spoke when the Presidential Technical Committee on Housing and Urban Development submitted its report at State House. He said the availability of these funds would help the administration's efforts to provide cheap housing for all categories of Nigerians. He restated his concern that commercial banks, deriving more than 50 per cent of their funds cheaply from government, had continued to charge high interest rates militating against the determination of government to build up the economy and improve the lives of Nigerians. "Over 50 per cent of money in commercial banks are government funds at cheap rates, which they lend back to government and the economy at exorbitant rates. We can't go on like this," he stated. He assured the committee that rumours of the privatisation of the Federal Mortgage Bank, FMB were false, adding that the development banks in the country, FMB, the Nigeria Agricultural Cooperative and Rural Development Bank and the Bank of Industry would not be privatised but commercialised. The President commended the Technical Committee for "the splendid job you have done," adding that "we feel proud of you and what you have helped us to achieve in the housing sector." Earlier, chairman of the committee, Prof. Akin Mabogunje said continued government ownership of the Federal Mortgage Bank should serve as the guarantee needed for the Federal Housing Fund to succeed with both contributors and the capital market. he said the administration's positive action in the housing sector has already created the confidence necessary for previously threatened withdrawals from the Federal Housing Fund by the Nigerian Labour Congress (NLC), some state governments and the private sector to be dropped. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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