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The Presidency has said that Nigeria needs a total of $35 billion annually to cover the country’s infrastructure expenditure for the next 16 years.
“Nigeria needs $35 billion yearly, up till 2040, to cover its infrastructure expenditure,” the statement read. “But the PIDF faced funding constraints, delays in project execution, leading to rising costs of materials, bureaucratic and institutional challenges. “It will provide the elixir for critical national projects that will accelerate infrastructure and economic development in all parts of the country.
“By fortifying agricultural infrastructure, the Fund will ensure that post-harvest losses are reduced and food supply chains strengthened. “At the Federal Executive Council meeting on Monday, where the Fund was first tabled before members before its approval, President Bola Tinubu explained the rationale for its conception.
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