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 country’s infrastructure demand for development.

“We put a holistic approach to how we sustainably mobilise resources to actually fund the development of the country.”

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.

“So, 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 education.”

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)