The Nigerian federal government will raise N20 trillion in economic investment by launching the Renewed Hope Infrastructure Development Fund.

The Minister of Information and National Orientation, Mohammed Idris, disclosed this on Friday at the 4th ministerial briefing held in Abuja.

According to him, the fund aims to support projects that promote growth, enhance local value-addition, create employment opportunities, and promote exports.

“The Renewed Hope Infrastructure Development Fund (RHIDF) launch aims to raise about N20 trillion for investment in critical sectors such as the real sector of the economy, transport, social services, agriculture, and ICT, among others.

“The Fund seeks to support projects that promote growth, enhance local value-addition, create employment opportunities, and promote exports.

“For emphasis, the projects to be targeted by the fund include the construction of the Lagos-Calabar Coastal Highway, which kick-started recently; the Sokoto-Badagry Motorway; the Lagos-Kano Motorway; the Eastern Rail Lines; and the modernization of ports and aviation facilities across the country,” he stated.

During the briefing, OsunDailyNG reported that Minister of Power Adebayo Adelabu said 85 per cent of the population still benefits from electricity subsidies.

Adelabu spoke on the backdrop of the recent electricity tariff increase for 15 per cent customers, enjoying at least 20 hours of power supply.