The Federal Government will continue to prioritise infrastructural needs for future development and improved living standard of the citizens, Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said yesterday.
Speaking in Abuja after the end of the Federal Executive Council meeting, he said the Federal Government was working out special funding to transform the housing and infrastructural sub-sector of the economy.
According to him, the special funding would involve the private sector and development partners. The minister said government would leverage on the huge funds under the N19.66 trillion pension scheme, Nigeria Sovereign Investment Authority (NSIA), Ministry of Finance Incorporated (MoFI), insurance and other financial institutions to resuscitate the sector and make housing more accessible and affordable.
He described the initiative as part of President Bola Ahmed Tinubu’s reforms to stabilise the economy amid high inflation and interest rates.
Edun said, “Nigeria is resilient. Nigerians are resilient. And the fact is that even before we start looking to foreign investors, we start looking to foreign funding. There is available in Nigeria long term funds to fund infrastructure projects, and it’s within the pension, the life insurance and investment fund industry generally.”
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