Pension Fund Illustration

The Federal Government said it will continue with external borrowings and drawdowns from Sovereign Wealth Fund (SWF) and the Pension Fund to support infrastructure delivery. The reason for funding infrastructure provision from these sources is because the yearly budgetary allocation available to fix and upgrade the nation’s infrastructure is too insignificant. Minister of State, Budget and National Planning Prince Clem Agba made these revelations yesterday in Abuja at the formal launch and presentation of the reviewed National Integrated Infrastructure Master Plan (NIIMP). To address the nation’s infrastructure deficit, the government has launched the NIIMP. Presently, Nigeria needs $150 billion yearly to implement the NIIMP between 2020 and 2030. This will amount to $2.3 trillion required for the implementation of the masterplan which the government said “is enormous and tasking”. Prince Agba said the Federal Government alone cannot provide all the needed resources therefore, a well-coordinated and strategic approach will be required to harness sufficient resources to increase the stock of the country’s infrastructure to the desired level by 2043.

Nation