$18.5bn: Senate probes Abuja centenary city project

A decade after its inception, the Abuja Centenary City project faces renewed scrutiny as the Senate initiates an investigation into its faltering $18.5 billion public-private sector-led initiative.

In a bid to breathe new life into the ambitious venture, the Senate, under the 10th Assembly, has established an ad-hoc committee chaired by Deputy Senate President, Sen. Barau Jibrin.

The brainchild behind the investigative move, Sen. Yisa Oyelola representing Kwara South, highlighted the initial vision of the project, which was earmarked as a free trade zone under the auspices of the Nigerian Export Processing Zones Authority (NEPZA).

He emphasised the necessity of revisiting the project’s trajectory, given its substantial economic potential.

While some lawmakers advocate for a public-private partnership (PPP) revival strategy, dismissing the notion of direct federal funding, others underscore the need for a self-sustaining financial model.

Sen. ISAH Jibrin, Chairman of the Senate Committee on Customs, emphasised the importance of exploring investment banking avenues to secure the project’s financial future.

To expedite progress, the Senate has tasked the Committee on Federal Capital Territory with investigating the hurdles obstructing the project’s completion.

Specifically, the committee is mandated to scrutinise the existing public-private partnership agreement and propose necessary amendments to facilitate a prompt resolution within a defined timeframe.

Also, the Senate urged the Federal Government to prioritise the project’s revival by extending essential support, resolving regulatory bottlenecks, and addressing any lingering obstacles.