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Pres. Tinubu approves $25bln for Nigeria’s abandoned projects “graveyard”

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President Bola Tinubu’s resolve in reviving and closing the gap on Nigeria’s infrastructure deficit hit top gear when he approved the ‘Renewed Hope Infrastructure Fund’ of $25 billion per year in infrastructure.

Persecondnews reports that Nigeria needs between $100 billion and $150 billion annually over the next 30 years to close its infrastructure deficit.

In 2020, the Africa Infrastructure Development Index ranked Nigeria 24th out of 54 African countries, with 23.26 points; Egypt ranked second with 88.3 points, and war-torn Libya ranked third with 82.9 points.

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

“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.

Giving further details about the development, the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the fund would focus on road, rail, agriculture, ports, and aviation.

He clarified that the Minister of Budget and Economic Planning, Abubakar Bagudu, will prepare a supplementary budget to accommodate the new spending before launching the fund in a few months.

Details shortly..

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