Tinubu sets up Renewed Hope Infrastructure Fund

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President Bola Tinubu has greenlit the launch of the Renewed Hope Infrastructure Fund, aimed at addressing Nigeria’s infrastructure funding gap of $25 billion annually.

This decision was announced by the Minister of Information and National Orientation, Mohammed Idris, following a Federal Executive Council meeting held at the Presidential Villa in Abuja on Monday.

According to Idris, the initiative, endorsed by President Tinubu and the Federal Executive Council, will find its home within the Presidency.

“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,” he said.

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Further elaborating on the initiative, Zacch Adedeji, Chairman of the Federal Inland Revenue Service, outlined its focus areas, which include roads, railways, agriculture, ports, and aviation.

Adedeji also mentioned that the fund’s launch is imminent, and expected to take place within the coming months.

He noted that the Minister of Budget and Economic Planning, Abubakar Bagudu, is tasked with preparing a supplementary budget to accommodate the necessary expenditure for the initiative.