President Bola Tinubu, on Monday, approved the Renewed Hope Infrastructure Fund to bridge Nigeria’s funding gap of $25bn/year in infrastructure.
The new initiative will be domiciled in the Presidency, the Minister of Information and National Orientation, Mohammed Idris, told journalists after Monday’s Federal Executive Council meeting at the Presidential Villa, Abuja.
“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.
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.