The Federal Executive Council has approved the Renewed Hope Infrastructure Fund to bridge Nigeria’s funding gap in infrastructure.

This followed a projection that Nigeria would require over 878 Billion Dollars to bridge the infrastructural deficit in the country.

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

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.

ADEDEJI explained that the fund will be launched in a few months after the Minister of Budget and Economic Planning, ABUBAKAR BAGUDU, prepares a supplementary budget to accommodate the new spending.