The Senate has initiated a probe into the delayed completion of the $18.5bn Centenary City project, which commenced 10 years ago in the Federal Capital Territory.
The private sector multi-billion-dollar project was planned for a residential population of about 200,000 people and around 500,000 daily visitors.
On completion, the project is planned to accommodate world-class multinational and domestic businesses in a world-class environment.
However, 10 years after the commencement of the project, it is nowhere near the completion stage, prompting the intervention of the Senate on Tuesday.
Adopting a motion of urgent public importance, titled, ‘Urgent need to revive and complete the stalled Centenary Abuja Project,’ the Senate resolved to set up an ad hoc committee to “urgently investigate the factors impeding the completion of the project.”
The Senate also charged the committee “to review the original public-private partnership agreement and recommend amendments, if necessary, to facilitate smooth and expeditious completion of the project within a defined timeframe.”The motion, sponsored by Senator Yisa Ashiru Oyelola, drew the attention of the Senate to the fact that the original estimated investment for the Abuja Centenary Economic City project was $18.5bn as of 2014, equivalent to the size of Nigeria’s national budget at today’s exchange rate.”
Leading the debate, Oyelola noted that the project was designated as a free trade zone under the regulatory oversight of the Nigerian Export Processing Zones Authority, without prejudice to other statutory agencies like the Federal Capital Territory Administration, Abuja Investment Company and Abuja Infrastructure Investment Centre.
He added that significant progress had been made on a similar project in Lagos, the $6bn Eko Atlantic City.He observed that the Abuja Centenary City project had been stalled for almost 10 years, with developmental estimates of less than seven per cent of road construction and other critical infrastructure.Senator Isa Jubril urged President Bola Tinubu to seek out investment bankers to take over the project, a demand re-echoed by Senator Ali Ndume.The ad hoc committee is to be presided over by the Deputy Senate President, Jibrin Barau. Other members of the committee are Solomon Adeola, Titus Zam and Aminu Tambuwal, among others.The committee has four weeks to submit its report.
