The Federal Government yesterday set up Renewed Hope Infrastructure Fund geared towards addressing the funding gap of $25 billion per year in infrastructure development The initiative will be domiciled in the Presidency, according to the Minister of Information and National Orientation, Mohammed Idris who disclosed this after the Federal Executive Council (FEC) meeting at the Presidential Villa yesterday.
He said: “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.” Commenting on the development, the Federal Inland Revenue Service (FIRS) Chairman, Zacch Adedeji, said the fund would focus on road, rail, agriculture, ports, and aviation. “This innovative fund consolidates existing resources to drive economic growth and connectivity across sectors like transport, agriculture, aviation, education and other social sectors.
It aims for inclusive progress, leaving no community behind and this is expanding the initial Presidential Infrastructure Development Fund that we have. “Potential sectors for focus, like I said, will be agriculture, energy technology, infrastructure, healthcare and education. However, these ones I’ve mentioned are just indicative of what we do,” he said. Adedeji said the fund’s official launch is anticipated 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.
Minister of Works, Dave Umahi, in his comments revealed that the Council approved a total sum of N1.267 trillion for 28 roads and bridges across the country. Minister of Finance and Coordinator of the Economy, Wale Edun, also speaking, said the Council approved a loan of 15 billion Japanese yen payable in 30 years with a 10-year moratorium.