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President Tinubu approves Renewed Hope Infrastructure Fund to address $25bn/year funding gap.
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Minister Idris confirms initiative’s establishment within Presidency.
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Fund aims to address Nigeria’s critical infrastructure needs.
EKO HOT BLOG reports that President Bola Tinubu on Monday, approved the establishment of the Renewed Hope Infrastructure Fund aimed at addressing Nigeria’s annual infrastructure funding gap of $25 billion.
This initiative, disclosed by the Minister of Information and National Orientation, Mohammed Idris, following the Federal Executive Council meeting at the Presidential Villa in Abuja, will be housed within the Presidency.
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“Mr President, in his wisdom and with the approval of the Federal Executive Council, approved the setting up of the Renewed Hope Infrastructure Fund to be domiciled in the Presidency,” he said.
Giving further details about the development, the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the fund would focus on road, rail, agriculture, ports, and aviation.
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He explained that the fund will be launched in a few months after the Minister of Budget and Economic Planning, Abubakar Bagudu, prepares a supplementary budget to accommodate the new spending.
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