TheCable

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.

He noted that the president said projects sponsored under the fund should reflect an equitable national spread to benefit every Nigerian.