Nigeria’s Federal Executive Council (FEC) has given the green light for the establishment of the Renewed Hope Infrastructure Development Fund, which will be housed within the Presidency. This initiative aims to tackle the nation’s staggering $878 billion infrastructural deficit.
Following the FEC meeting, Minister of Information and National Orientation, Mohammed Idris, briefed State House Correspondents on Monday. He highlighted that Nigeria requires approximately $25 billion annually to close the infrastructure gap.
Emphasising the commitment of President Bola Ahmed Tinubu’s administration to address this deficit, the Minister stated, “This is a major one. We’re all aware that Nigeria is having challenges in terms of its infrastructure. Government, especially the government of President Bola Ahmed Tinubu, is determined to ensure that the infrastructural deficit that we all see in this country is bridged.”
“Now there is a study that was made that Nigeria will require about $878 billion between 2016 and 2040 to bridge the gap. Now what that means is that from 2016 going to 2024, about $25 billion will be required annually to bridge that infrastructure deficit,” he continued.
Elaborating on the infrastructure initiative, Special Adviser on Revenue, Zacch Adedeji, emphasised the government’s intention to mobilise resources for national infrastructure development.
Adedeji further detailed the objectives of the fund, including investment in critical projects across sectors such as agriculture, energy, technology, infrastructure, healthcare, and education.
“So, innovative fund consolidates existing resources to drive economic growth and connectivity across sectors like transport, agriculture, aviation, education and others. It helps for inclusive progress, leaving no community behind and this is expanding the initial Presidential Infrastructure Development Fund that we have,” he added.
Adedeji concluded by expressing optimism that President Tinubu would launch the fund following the approval of a Supplementary Budget by the Minister of Budget and Economic Planning, ensuring the realisation of critical projects aimed at addressing Nigeria’s infrastructure deficit.