NEC Approves $650M Seed Funding as FG Establishes Presidential Infrastructure Development Fund

Submitted by nsia_admin on Fri, 05/25/2018 - 15:42

President Muhammadu Buhari has approved the establishment of a Presidential Infrastructure Development Fund (PIDF), which is to be managed by the Nigeria Sovereign Investment Authority (NSIA), and invested specifically in critical road and power projects across the country.

The National Economic Council (NEC) has also, today, May 17, 2018, 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.

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