FEC approves fund to bridge $878bn national infrastructure deficit

The Nation Newspaper FEC approves fund to bridge $878bn national infrastructure deficit

The Federal Executive Council has approved the setting up of the Renewed Hope Infrastructure Development Fund to bridge the nation’s $878 billion infrastructure gap., Special Adviser to the President on Revenue and Chairman of the Federal Inland Revenue Service , Dr Zacch Adedeji, also disclosed that the Fund will be domiciled in the Presidency.

Throwing more light on the Fund, Adedeji said: “How do we sustainably mobilise resources to actually fund development of the country. And what we have observed is that we need national infrastructure backbone to get this done. “In coming up with this, in the wisdom of Mr President and the magnanimity the council, they approved the establishment of Renewed Hope Infrastructure Fund, as the catalyst to drive our infrastructure agenda.

“The key objective of the fund is to invest in nationally critical projects in sectors that will promote growth, enhance local value addition through backward, forward and parallel linkages, create employment opportunities, promote technological innovation, promote exports.

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