Nigeria Needs $35bn Yearly For Infrastructure Expenditure- FG

The Presidency on Tuesday, said a total of $35bn is needed yearly, to cover the country’s infrastructure expenditure for the next 16 years.

The statement also explained the nitty-gritty behind President Bola Tinubu’s Renewed Hope Infrastructure Funds.Background“President Muhammadu Buhari, realising that the government could not meet this huge cost, established the Presidential Infrastructure Development Fund , with the National Sovereign Wealth Authority, playing a vital role.“The PIDF helped in the realisation of critical projects, such as the Second Niger Bridge and the Lagos-Ibadan Expressway.

“With eyes on raising N20 Trillion, about $14 billion take-off capital, the Fund will support projects that will promote growth, “enhance local value-addition through backward, forward and parallel linkages.” “Among the projects being targeted are major road networks, such as the Lagos-Calabar Coastal highway, Sokoto-Badagry Expressway, Lagos-Kano and Eastern Rail Lines. Ports and aviation facilities will be modernised.“It targets Pension Funds, Concessionary Loans, Insurance companies, sovereign wealth funds, private sector arms of multilateral development institutions, and bilateral private sector investors.

“He said the Fund, which will be managed by a Director-General, will be domiciled in the Presidency. It will cut through bureaucratic bottlenecks that usually delay the implementation of good projects.

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