The Federal Executive Council (FEC) has approved the creation of the Renewed Hope Infrastructure Fund to address the gap in social services nationwide.
Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji stated this during the conclusion of the 4th FEC session of the year on Monday in Abuja.
According to him, the fund will function as a specialized initiative with the aim of attracting essential investments necessary for the country’s infrastructure development.
“We put a holistic approach to how we sustainably mobilise resources to actually fund the development of the country.” He said.
Mr Adedeji mentioned that the initiative aimed to close the substantial $858 billion infrastructure deficit hindering national growth and development.
He also noted that the fund would also ensure security of infrastructure investments.
“This innovative fund consolidates system resources to drive economic growth and connectivity across sectors like transport, agriculture, aviation education and others.
“It aims for inclusive progress, leaving no community behind.
“The key objective of the fund is to invest in nationally critical projects in sectors that will promote growth and have local value addiction through backward, forward and parallel linkages.
“Create employment opportunities, promote technological innovation, and promote exports. The potential sectors for focus will be agriculture, energy, technology, infrastructure, healthcare and aviation enhancements. He stated.
The fund would be launched by President Bola Tinubu after a supplementary budget is presented by the minister of finance and coordinating minister of the economy, Wale Edun, to the National Assembly.
Chinedum Anayo