Ten years following the launch of the Abuja centenary city, the Senate has embarked on an investigation into the failed $18.5 billion public-private sector-led project. This move aims to revitalize the ambitious initiative under the 10th Assembly, indicating a renewed commitment to its realization. Spearheading this investigation is an ad-hoc committee chaired by the Deputy Senate President, Sen. Barau Jibrin.
The project, initially estimated at $18.5 billion, was designated as a free trade zone overseen by the Nigerian Export Processing Zones Authority (NEPZA). However, despite its lofty ambitions, the project has faced significant setbacks, prompting calls for a thorough review of its implementation and potential avenues for revival.
Recognizing the need for innovative solutions, lawmakers emphasize the importance of exploring public-private partnership (PPP) arrangements to breathe new life into the project. It is widely believed that a PPP framework offers the most viable path forward, as opposed to direct government funding. This underscores the Senate’s commitment to fiscal responsibility and prudent resource management.
In light of these developments, the Senate has mandated the Committee on Federal Capital Territory to conduct a comprehensive investigation into the factors hindering the project’s completion. This includes a review of the existing public-private partnership agreement, with recommendations for necessary amendments to expedite progress within a defined timeframe. Additionally, the Senate has urged the federal government to prioritize the project’s revival by providing necessary support, resolving regulatory issues, and addressing any other impediments, thereby unlocking its potential to drive economic growth and benefit the Nigerian populace.
