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Buhari approves establishment of firm to address infrastructure deficiency

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Buhari approves establishment of a firm to address infrastructure deficiency Top Naija

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President Muhammadu Buhari has approved the establishment of a firm, Infra-Co, saddled with the responsibility of addressing the infrastructure deficiency of the nation.

The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, announced this in a statement on Friday tagged “President Buhari approves formation of trillion Naira Company to address infrastructure deficit.”

Akande stated that the firm would begin with an initial seed capital of N1trillion which will come from the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority and the Africa Finance Corporation.

Akande said Buhari had asked Vice-President Yemi Osinbajo to chair a Steering Committee tasked with setting up the firm.

He said, “The board of Infra-Co will be chaired by the Central Bank Governor and include the Managing Director of the Nigerian Sovereign Investment Authority, President of the Africa Finance Corporation.

“As well as, representatives of the Nigerian Governors Forum, and the Ministry of Finance, Budget and National Planning. The board will also have three independent directors from the private sector.”

In addressing the infrastructure deficiency of Nigeria, Akande said the current regime would continue to explore innovative options.

This would be through financing initiatives such as the Presidential Infrastructure Development Fund formulated to cater for the 2nd Niger Bridge, the Abuja-Kaduna-Zaria-Kano Expressway, and other projects among others.

“Infra-Co will finance public asset development, rehabilitation and reconstruction as well as invest in cutting edge infrastructure projects for roads, rail, power and other key sectors,” he stated.

 


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