FG Targets  $25bn For RHI Dev Fund

President Bola Ahmed Tinubu on Monday,  approved the Renewed Hope Infrastructure Development Fund to bridge the country’s $25 billon per annum infrastructure funding gap. 

The Minister of Information and National Orientation, Mohammed Idris, told journalists after Federal Executive Council meeting at the Presidential Villa, Abuja that the new initiative will be domiciled in the Presidency. 

He said that 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.
The Chairman of the Federal Inland Revenue Service, Zacch Adedeji, giving further details about the new development, said the fund would focus on road, rail, agriculture, ports and aviation.
He explained that the fund will be launched after the Minister of Budget and Economic Planning, Abubakar Bagudu, prepares a supplementary budget to accommodate the new spending.
“Our key strategic focus, for now, will be on road infrastructure, rail infrastructure, agricultural infrastructure, port revitalization and aviation enhancement.
“We believe this vehicle will be a major outside-the-box solution to our infrastructure gap. And we believe, hopefully, by the special grace of Almighty God, that Mr President will launch this fund after the Minister of Budget and Economic Planning has done the supplementary budget to take care of all these critical projects.
A statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, stated the fund would be invested in critical national projects that would, among other things, promote growth, enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports.
“Establish an innovative infrastructure investment vehicle to attract and consolidate capital, serving as a dynamic driver for economic advancement.