FEC approves creation of Renewed Hope infrastructure fund
The Federal Executive Council (FEC) has approved the establishment of the Renewed Hope Infrastructure Fund to bridge the gap in social services across the country.
Zacch Adedeji, chairman of the Federal Inland Revenue Services (FIRS), disclosed this at the end of the 4th FEC for the year on Monday in Abuja.
He said that the fund would serve as a special purpose vehicle to attract much needed investment in the countryâs infrastructure demand for development.
âWe put a holistic approach to how we sustainably mobilise resources to actually fund the development of the country.â
He said that the initiative was a way of bridging the over $858 billion in infrastructure gaps that were deterring national development.
Mr Adedeji said that the fund would address the usual concern of genuine investors about having a quasi-government structure to guarantee the safety of their funds.
âSo, this innovative fund consolidates system resources to drive economic growth and connectivity across sectors like transport, agriculture, aviation education and others.
âIt aims for inclusive progress, leaving no community behind.
âThe 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.
âCreate employment opportunities, promote technological innovation, and promote exports. The potential sectors for focus will be agriculture, energy, technology, infrastructure, healthcare and education.â
He added that the fund would, for now, give priority to road, rail and agricultural infrastructure, port revitalisation and aviation enhancements.
Mr Adedeji said that 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.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
âKatsina State is Atikuâs political base because it is his second home.”
States
Olubadan lauds Tinubu on release of Oriire kidnap victims, urges rehabilitation
âAs a follow-up to this development, the government must ensure that all communities bordering the National Park are fully secure,â he said.
Heading 1
Iranâs new supreme leader vows revenge over father’s assassination by U.S.-Israeli forces
“We pledge to avenge the blood of the martyred leader and all the martyrs of these two wars from the criminal and disgraced killers,” he said.
Heading 4
Trump administration subpoenas New York Times journalists over Air Force One story
The subpoenas seek to compel the reporters to testify before a federal grand jury in Manhattan.
Heading 2
Klopp agrees to replace Nagelsmann as Germany coach
Nagelsmann resigned last week as the menâs national team coach following Germanyâs shocking exit from the 2026 FIFA World Cup.
Health
FG expands cancer funding, local drug production
âWe are trying to domesticate expensive treatments by producing much-needed medicines locally and translating global research into action in our clinics,â he said.
Heading 3
Remi Tinubu begs Asake, Davido, Burna Boy to come rescue poor Nigerians from hunger
The first lady stated that buying exotic cars is good, but noted that the singers can still establish foundations to assist the struggling population.
