Nigeria’s president, Mohammadu Buhari has approved the establishment of a Presidential Infrastructure Development Fund (PIDF) which would be invested specifically in critical road and power projects across the country.
In a statement by the presidency, it was disclosed that the PIDF is to be managed by the Nigeria Sovereign Investment Authority (NSIA).
In the same vein, the National Economic Council (NEC) has also authorised the initial transfer of $650 million dollars to the NSIA from the Nigeria Liquefied Natural Gas (NLNG) Dividend Account, as seed funding for PIDF.
According to the statement, the initiative aims to eliminate the risks of project funding, cost variation and completion that have plagued the development of the nation’s critical infrastructure assets which include the 2nd Niger Bridge, Lagos to Ibadan Expressway, East—West Road, Abuja to Kano Road, as well as the Mambilla Hydroelectric Power over the last few decades.
The initiative will also enable all State Governments to own an economic interest in the project companies that will be professionally developed and managed by the NSIA. The investments will in turn, yield returns, which will diversify revenues to States, improve the fiscal sustainability profile of the Federation and ensure Nigerians benefit from modernised Infrastructure for decades to come.
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Politics