President Bola Tinubu on Monday approved the Renewed Hope Infrastructure Development Fund to bridge the country’s $25bn per annum infrastructure funding gap.
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.
Idris said the fund became necessary given Nigeria’s current infrastructure gap, requiring $878bn to bridge between 2016 and 2040.
“Now, there is a study that was made that said Nigeria will require about $878bn between 2016 and 2040 to bridge its infrastructural deficit.
“What that means is that from 2016 to 2040, about $25bn will be required annually to bridge that infrastructure deficit.
“Therefore, Mr President, in his wisdom and with the approval of the Federal Executive Council, today, approved the setting up of the Renewed Hope Infrastructure Development Fund to be domiciled in the Presidency,” he announced.
