President Bola Tinubu approved the Renewed Hope Infrastructure Development Fund on Monday to bridge the country’s $25bn per annum infrastructure funding gap.
This was disclosed by the Minister of Information and National Orientation, Mohammed Idris, while addressing the press after Monday’s Federal Executive Council meeting at the Presidential Villa, Abuja, noting that the new initiative will be domiciled in the Presidency, according to The Punch.
According to Idris, the Fund is needed as Nigeria has a current infrastructure gap of $878 billion, and needs to bridge this gap between 2016 and 2040.
He explained “Now, there is a study that was made that said, Nigeria will require about $878bn between 2016 and 2040 to bridge its infrastructural deficit.
“What that means is that from 2016 to 2040, about $25bn will be required annually to bridge that infrastructure deficit.
“Therefore, Mr President, in his wisdom and with the approval of the Federal Executive Council, today, approved the setting up of the Renewed Hope Infrastructure Development Fund to be domiciled in the Presidency.”
Meanwhile, the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the fund would focus on road, rail, agriculture, ports and aviation.
He emphasized that the fund will be launched only after the Minister of Budget and Economic Planning, Abubakar Bagudu, prepares a supplementary budget to include the new spending.
“Our key strategic focus, for now, will be on road infrastructure, rail infrastructure, agricultural infrastructure, port revitalisation and aviation enhancement.
“We believe this vehicle will be a major outside-the-box solution to our infrastructure gap, and we believe, hopefully, by the special grace of Almighty God, that Mr President will launch this fund after the Minister of Budget and Economic Planning has done the supplementary budget to take care of all these critical projects.
“So, we look forward to the next few months when the fund will be launched, and then domiciled in the Presidency,” he affirmed.
