Tinubu sets up renewed hope infrastructure fund

President Bola Tinubu has announced the approval of the Renewed Hope Infrastructure Fund, aimed at addressing Nigeria’s significant funding gap of $25 billion per year in infrastructure development.

The initiative, revealed to journalists by the Minister of Information and National Orientation, Mohammed Idris, following Monday’s Federal Executive Council meeting at the Presidential Villa in Abuja, 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.”

Providing further insights into the initiative, Zacch Adedeji, the Chairman of the Federal Inland Revenue Service, highlighted that the fund will primarily target investments in road, rail, agriculture, ports, and aviation infrastructure.

Adedeji further elaborated that 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.