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