The Federal Executive Council (FEC) chaired by President Bola Tinubu, has approved the Renewed Hope Infrastructure Development Fund to facilitate effective infrastructure development across the pivotal areas of agriculture, transportation, ports, aviation, energy, healthcare, and education in Nigeria.
Briefing state house correspondents after the FEC meeting, the Special Assistant to the President on Revenue and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said 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.
He added that the Fund will be invested in critical national projects that will, among other things, promote growth; enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports.
President Tinubu also approved that the Presidential Infrastructure Development Fund (PIDF) be absorbed into the new Renewed Hope Infrastructure Development Fund (RHIDF), which will successfully eliminate identified bureaucratic inefficiencies, enhance domestic and external counterpart funding opportunities.
