The Federal Executive Council has sanctioned the creation of the Renewed Hope Infrastructure Fund, aimed at enhancing social services nationwide.
Zacch Adedeji, the Chairman of the Federal Inland Revenue Services, revealed this information following the 4th FEC meeting of the year, held on Monday in Abuja.
He mentioned that the fund is designed as a Special Purpose Vehicle to draw the crucial investment needed for the country’s infrastructure development demands.
“We put a holistic approach to how do we sustainably mobilise resources to actually fund the development of the country,” he said.
Infrastructural Funds to drive economic growth
According to the FIRS chief, this effort aims to bridge the infrastructure gap of over $858 billion, which has been an obstacle to national growth.
Adedeji said that the fund aims to resolve the common concerns of legitimate investors about having a semi-governmental structure to ensure the security of their investments.
“So, this innovative fund, consolidate a 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 has local value addiction through backward, forward and parallel linkages,” Adedeji added.
Speaking further, Adedeji noted that the funds aim to generate job opportunities, foster technological advancement, and boost export activities.
According to him, the key areas of concentration will include agriculture, energy, technology, infrastructure, healthcare, and education.
“The fund will create employment opportunities, promote technological innovation, and promote exports. The potential sectors for focus will be agriculture, energy, technology, infrastructure, healthcare and education.”
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.