New Transport Infrastructure Finance Company To Resume Soon, Says Buhari
President Muhammadu Buhari says the federal government has established a N15trillion Infrastructural Corporation of Nigeria Limited (INFRACO) to begin operation by the fourth quarter of 2021.
In his 61st Independence Day speech delivered this morning, Buhari said “This Government remains concerned by the significant transportation infrastructure deficit we have. Addressing the challenges our commuters and lorry drivers face on the motorways is still a high priority to us. To complement our budgetary allocations, the Presidential Infrastructure Development Fund and the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, we recently established a N15trillion Infrastructural Corporation of Nigeria Limited (INFRACO), which is expected to begin operation by the fourth quarter of this year.
INFRACO will also focus on leveraging resources on a public-private sector basis for infrastructural development in Nigeria. We hope through these innovative programs, the additional cost burden on individuals and businesses because of inefficient logistics operations will be reduced and ultimately, eliminated.