SENATE INVESTIGATES FAILED $18.5B ABUJA CENTENARY CITY PROJECT

SENATE INVESTIGATES FAILED $18.5B ABUJA CENTENARY CITY PROJECT

The Senate has initiated an investigation into the failed $18.5 billion Abuja Centenary City project, a decade after its launch.

This ambitious public-private sector-led initiative was aimed at creating an economic hub in the nation’s capital.

Led by the Deputy Senate President, Senator Barau Jibrin, an ad-hoc committee has been established to oversee the revival of the project under the 10th Assembly.

Senator Yisa Oyelola, representing Kwara South and the bill’s sponsor, highlighted the original projected investment of $18.5 billion for the project, designated as a free trade zone under the Nigerian Export Processing Zones Authority (NEPZA).

While acknowledging the significant investment required, some lawmakers emphasized the necessity of a public-private partnership (PPP) arrangement for the project’s resurrection, dismissing the notion of direct federal funding.

Senator ISAH Jibrin, Chairman of the Senate Committee on Customs, emphasized the importance of self-funding over time and urged the Ministry of Finance to assemble a team of investment bankers to facilitate the project’s financing.

The Senate directed the Committee on Federal Capital Territory to promptly investigate the obstacles hindering the project’s completion.

Specifically, the committees were tasked with reviewing the public-private partnership agreement and proposing amendments to expedite the project within a specified timeframe.

Furthermore, the Senate called on the federal government to prioritize the revival of the Abuja Centenary City project by offering necessary support, resolving regulatory issues, and addressing any impediments.Recognizing its potential to boost the economy and benefit the Nigerian populace, the Senate emphasized the urgency of overcoming the decade-long stagnation.