Ten years following the inception of the Abuja Centenary City project, the Senate has initiated an investigation into the unsuccessful $18.5 billion public-private partnership project.
The Senate is aiming to revive the ambitious project during the 10th Assembly. To this effect, The Senate has established an ad-hoc committee chaired by Deputy Senate President Sen. Barau Jibrin to oversee this initiative.
Sen. Yisa Oyelola, representing Kwara South and the sponsor of the bill, highlighted that the Abuja Centenary Economic City project, initially projected at $18.5 billion in 2014, was intended to operate as a free trade zone under the regulatory supervision of the Nigerian Export Processing Zones Authority (NEPZA).
Other lawmakers, however, believe that the project’s revival hinges on a Public-Private Partnership (PPP) model, dismissing the notion of direct federal funding for its resuscitation.
Chairman Senate Committee on Customs, Sen. ISAH Jibrin, further maintained that the project should be self-funded one over a period, as he called on the Ministry of Finance, to put together a team of investment bankers to fund it.
The Senate therefore mandated the Committee on Federal Capital Territory, to urgently investigate the factors impeding the completion of the project.
It specifically tasked the committees to review the public-private partnership agreement and recommend amendments, to facilitate an expeditious completion within a defined timeframe.
The Senate also urged the FG, to prioritise the revival of the project by providing appropriate support, resolving regulatory issues, and addressing any other impediments, given its beneficial potential to the economy and people of Nigeria after 10 years of stalled progress.
