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.
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.
