*Okays N1.267tn For 28 Roads, Bridges
*Gives Nod To 10% Youth, Women Quota
THE Federal Executive Council (FEC) on Monday, March 25, approved the restructuring of the Nigerian Youth Investment Fund by making additional provision for it.
Minister of Youth Development, Jemila Bio Ibrahim, who disclosed this after the FEC meeting at the Presidential Villa, Abuja, said the N75billion fund, which was originally established in 2020, would now be institutionalised and would receive N25billion from this year’s supplementary appropriation, while the Central Bank of Nigeria (CBN) would release additional N60billion to it.
According to her, these measures are aim to support young businesses and stimulate economic growth, adding that the FEC also approved the institutionalisation of a two per cent youth quota in all government appointments and women representation of 30 per cent.
She stated this would go a long way in addressing “the long marginalisation and exclusion of young people in decision making and also encourage young people to participate in decision making processes and in civic engagements.”
This came as President Bola Tinubu approved a new Infrastructure Development Fund to facilitate effective infrastructure development across critical sectors in the country, including agriculture, transportation, ports, aviation, energy, healthcare and education.
Tagged ‘Renewed Hope Infrastructure Fund,’ it is expected to be invested in critical national projects that would, among others, promote growth, enhance local value-addition, create employment opportunities and stimulate technological innovation and exports.
According to statement by Special Adviser on Media and Publicity, Ajuri Ngelale, the objectives include to “establish an innovative infrastructure investment vehicle to attract and consolidate capital, serving as a dynamic driver for economic advancement; execute strategic and meticulously chosen national infrastructure projects across several key sectors, including road, rail, agriculture (irrigation, storage, logistics and cold chain), ports, and aviation, among others; efficiently utilise and aggregate accessible low-interest loans, such as concessionary loans and Eurobonds, supplemented by the procurement of other favourable financing options, in addition to budgetary allocations.
It is also to guarantee that Nigeria secures the most advantageous arrangements for financing, construction, and subsequently, operation and maintenance of the identified projects, ensuring optimal long-term outcomes for the nation.
It also said that the fund will identify appropriate approaches in its investment strategy, such as direct project financing through budgetary allocations and SPVs; co-financing (public-private partnerships), in addition to key institutions, multilateral development institutions and equity investments.
On agricultural infrastructure and food security, the statement said the emphasis is on the development of robust agricultural infrastructure networks, adding: “This encompasses the establishment of national food storage facilities, integrated irrigation systems, ranching for animal husbandry and the enhancement of agricultural logistics and distribution.”
The statement said strategic thrust revolves around the rejuvenation of port facilities and associated infrastructure to streamline operations and enhance the ease of doing business, noting: “By modernising port facilities and implementing advanced monitoring systems, the goal is to optimise efficiency, attract investments and bolster Nigeria’s position as a regional trade hub,” it affirmed.”
It stated that in the area of aviation enhancement,
the focus is on the revitalisation and modernisation of major airports nationwide, adding: “Through targeted investments and infrastructure upgrades, major airports will undergo comprehensive refurbishment, including improvement in terminal facilities, runway expansions and implementation of cutting-edge technologies to enhance safety and operational efficiency.”
With regards to road infrastructure, some of the strategic projects to receive attention include the Lagos-Calabar Coastal Road, Sokoto-Badagry Road, among other key road projects across the nation, to enhance connectivity, facilitate transport efficiency and stimulate economic growth across regions.
On rail infrastructure, the Presidency said Lagos-Kano and Eastern rail lines were among projects to be prioritised by the Fund, adding that the aim is to ensure the modernisation of transportation networks, fostering inter-connectivity between key urban centres and facilitating the movement of goods and people with greater speed and reliability.
Speaking to State House Correspondents after the FEC meeting, Minister of Information and National Orientation, Mohammed Idris, said Tinubu was determined to ensure infrastructural deficit was bridged.
He recalled that a study had concluded that Nigeria would require about $878billion between 2016 and 2040 to bridge, which means about $35billion is yearly needed to bridge the infrastructure gap in the country.
The FEC also approved N1.267trillion contracts for the implementation for 28 roads and bridges across the country, as revealed by Minister of works, Mr. Dave Umahi, at the post-Council briefing.
Umahi listed the project stepped down for further study as the Biu-Kanga-Kana-Gaya to the border of Niger Republic, put at the cost of about N158billion
“The other projects totaling 1.26 7 trillion, they were all approved by FEC having gone through the BPP and we got certification, no objection.
“Council also approved the Buruku bridge that is going across Katsina Ala River in Benue state, the bridge is twin bridge that is marching the dualized road there, and each of the bridge is about 850 meters. So put the two together is 1.7 kilometers and is costing about 83.799 billion.
