- He said Nigeria requires about $25 billion annually to bridge infrastructure deficit
Nigeria’s Federal Executive Council (FEC) has approved the setting up of the Renewed Hope Infrastructure Development Fund to be domiciled in the Presidency, to breach the $878 billion infrastructural deficit confronting the nation.
Briefing State House Correspondents on Monday after the FEC meeting, the Minister of Information and National Orientation, Mohammed Idris, said Nigeria requires about $25 billion annually to bridge infrastructure deficit.
The Minister added that the administration of President Bola Ahmed Tinubu is determined to ensure that the infrastructural deficit the nation currently experiences is in bridged.
“This is a major one. We’re all aware that Nigeria is having challenges in terms of its infrastructure. Government, especially the government of President Bola Ahmed Tinubu is determined to ensure that the infrastructural deficit that we all see in this country is bridged.
“Now there is a study that was made that Nigeria will require about $878 billion between 2016 and 2040 to bridge the gap. Now what that means is that from 2016 going to 2024, about $25 billion will be required annually to bridge that infrastructure deficit.
“Therefore, Mr. President in his wisdom and with the approval of the Federal Executive Council, today.”