President Bola Tinubu has announced the approval of the Renewed Hope Infrastructure Fund, a strategic initiative aimed at addressing Nigeria’s substantial infrastructure funding gap, estimated at $25 billion per year.
The announcement was made by the Minister of Information and National Orientation, Mohammed Idris, following Monday’s Federal Executive Council meeting at the Presidential Villa in Abuja. The Fund will be administered within the Presidency.
According to Idris, “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.”
Zacch Adedeji, the Chairman of the Federal Inland Revenue Service, provided additional details on the initiative, stating that the Fund will focus on investments in key sectors such as road, rail, agriculture, ports, and aviation infrastructure.
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The official launch of the Renewed Hope Infrastructure Fund is expected in the coming months, pending the preparation of a supplementary budget by the Minister of Budget and Economic Planning, Abubakar Bagudu, to accommodate the new spending.