Tinubu creates renewed hope infrastructure development fund

President Bola Tinubu on Monday approved the creation of the
renewed hope infrastructure development fund (RHIDF).

In a statement, Ajuri Ngelale, presidential spokesperson,
said the fund will facilitate effective infrastructure development across the
pivotal areas of agriculture, transportation, ports, aviation, energy,
healthcare, and education.

Ngelale said the fund will invest in critical national
projects that will, among other things, promote growth, enhance local
value-addition, create employment opportunities, and stimulate technological
innovation and exports.

He added that the fund will raise financing through equity
investments, budgetary allocations, special purpose vehicles (SPV),
public-private partnerships (PPPs) and multilateral development financing.

Ngelale said Tinubu also directed that the presidential
infrastructure development fund (PIDF), a brain child of the Buhari
administration, be absorbed into the RHIDF to eliminate administrative
inefficiencies.